CX Institutional Grows Stock Position in California Resources Co. (NYSE:CRC)

CX Institutional grew its stake in California Resources Co. (NYSE:CRC) by 4.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 25,113 shares of the oil and gas producer’s stock after purchasing an additional 1,152 shares during the period. CX Institutional’s holdings in California Resources were worth $1,318,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of CRC. Vanguard Group Inc. boosted its position in California Resources by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock worth $446,326,000 after purchasing an additional 344,043 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in California Resources by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,576,306 shares of the oil and gas producer’s stock worth $190,328,000 after buying an additional 165,629 shares in the last quarter. American Century Companies Inc. grew its position in California Resources by 18.1% during the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock valued at $86,825,000 after buying an additional 250,367 shares during the period. Victory Capital Management Inc. increased its holdings in California Resources by 10.7% in the second quarter. Victory Capital Management Inc. now owns 1,078,123 shares of the oil and gas producer’s stock valued at $57,378,000 after buying an additional 104,504 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of California Resources by 2,615.2% in the second quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer’s stock worth $44,865,000 after acquiring an additional 811,963 shares during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Analyst Ratings Changes

CRC has been the topic of a number of analyst reports. UBS Group assumed coverage on California Resources in a research report on Wednesday. They set a “buy” rating and a $68.00 target price on the stock. Citigroup raised their price objective on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and upped their target price for the stock from $57.00 to $65.00 in a research note on Wednesday, August 21st. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price target on shares of California Resources in a research note on Monday, August 12th. Finally, TD Cowen initiated coverage on shares of California Resources in a research report on Friday, August 2nd. They set a “buy” rating and a $65.00 price objective for the company. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $64.75.

Insiders Place Their Bets

In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the sale, the vice president now directly owns 17,301 shares of the company’s stock, valued at $916,953. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Noelle M. Repetti sold 10,000 shares of the company’s stock in a transaction dated 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 sale, the vice president now owns 17,301 shares of the company’s stock, valued at approximately $916,953. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Christian S. Kendall bought 20,895 shares of California Resources stock in a transaction on Tuesday, August 13th. The shares were purchased at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the purchase, the director now directly owns 24,600 shares of the company’s stock, valued at $1,180,062. This trade represents a 500.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.03% of the stock is currently owned by corporate insiders.

California Resources Trading Up 1.7 %

Shares of CRC opened at $51.89 on Thursday. California Resources Co. has a 52-week low of $43.09 and a 52-week high of $57.88. The stock has a market cap of $3.56 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 1.27 and a beta of 0.98. The firm’s fifty day moving average is $51.15 and its two-hundred day moving average is $50.96. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57.

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

California Resources Increases Dividend

The business also recently disclosed 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 an increase from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date was Friday, August 30th. This represents a $1.55 dividend on an annualized basis and a yield of 2.99%. California Resources’s dividend payout ratio (DPR) is presently 44.41%.

About California Resources

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.