AQR Capital Management LLC Purchases 11,205 Shares of California Resources Co. (NYSE:CRC)

AQR Capital Management LLC lifted its holdings in shares of California Resources Co. (NYSE:CRC) by 114.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,032 shares of the oil and gas producer’s stock after purchasing an additional 11,205 shares during the quarter. AQR Capital Management LLC’s holdings in California Resources were worth $1,119,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Privium Fund Management B.V. acquired a new position in shares of California Resources during the second quarter worth about $258,000. Hyperion Capital Advisors LP bought a new stake in California Resources during the first quarter worth $275,000. AlphaMark Advisors LLC acquired a new stake in California Resources in the 2nd quarter valued at about $320,000. Shell Asset Management Co. lifted its position in shares of California Resources by 99.8% in the first quarter. Shell Asset Management Co. now owns 6,311 shares of the oil and gas producer’s stock valued at $348,000 after buying an additional 3,153 shares during the last quarter. Finally, Bfsg LLC lifted its stake in shares of California Resources by 15.4% during the 2nd quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock worth $339,000 after buying an additional 851 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Stock Up 3.6 %

Shares of NYSE:CRC opened at $53.69 on Friday. The company has a market capitalization of $3.64 billion, a price-to-earnings ratio of 23.86, a P/E/G ratio of 1.27 and a beta of 0.98. California Resources Co. has a 1 year low of $43.09 and a 1 year high of $57.88. The business’s 50-day moving average is $50.69 and its 200-day moving average is $51.04. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.43 and a quick ratio of 2.33.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.36). The business had revenue of $514.00 million for the quarter, compared to analyst estimates of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The business’s quarterly revenue was down 13.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.53 EPS. Equities research analysts predict that California Resources Co. will post 3.45 earnings per share for the current year.

California Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a dividend of $0.3875 per share. This is a positive change from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date was Friday, August 30th. California Resources’s dividend payout ratio (DPR) is presently 68.89%.

Analyst Upgrades and Downgrades

CRC has been the subject of several recent research reports. TD Cowen began coverage on California Resources in a research note on Friday, August 2nd. They issued a “buy” rating and a $65.00 price target for the company. Citigroup upped their price target on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Barclays raised their target price on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $65.00 target price on shares of California Resources in a report on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $64.29.

Insiders Place Their Bets

In other California Resources news, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the transaction, the chief executive officer now owns 166,357 shares of the company’s stock, valued at $8,181,437.26. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Francisco Leon sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the completion of the sale, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Noelle M. Repetti sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the transaction, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by insiders.

California Resources Company Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.