Farther Finance Advisors LLC Acquires 276 Shares of California Resources Co. (NYSE:CRC)

Farther Finance Advisors LLC lifted its stake in California Resources Co. (NYSE:CRC) by 9.4% during the 3rd quarter, Holdings Channel reports. The firm owned 3,224 shares of the oil and gas producer’s stock after acquiring an additional 276 shares during the period. Farther Finance Advisors LLC’s holdings in California Resources were worth $169,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Lazard Asset Management LLC boosted its holdings in California Resources by 3.7% during the first quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock worth $390,000 after buying an additional 253 shares during the last quarter. GAMMA Investing LLC raised its position in shares of California Resources by 61.5% in the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after acquiring an additional 371 shares during the period. Louisiana State Employees Retirement System grew its holdings in California Resources by 1.3% during the second quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock valued at $1,719,000 after purchasing an additional 400 shares during the period. AlphaMark Advisors LLC increased its stake in California Resources by 10.9% in the third quarter. AlphaMark Advisors LLC now owns 6,658 shares of the oil and gas producer’s stock valued at $349,000 after purchasing an additional 652 shares in the last quarter. Finally, Texas Permanent School Fund Corp increased its stake in California Resources by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 56,452 shares of the oil and gas producer’s stock valued at $3,111,000 after purchasing an additional 738 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Stock Up 0.6 %

California Resources stock opened at $56.93 on Monday. The company has a current ratio of 0.97, a quick ratio of 2.33 and a debt-to-equity ratio of 0.32. California Resources Co. has a 1-year low of $43.09 and a 1-year high of $60.41. The company has a fifty day simple moving average of $52.04 and a 200 day simple moving average of $50.71. The company has a market cap of $3.86 billion, a P/E ratio of 8.97, a price-to-earnings-growth ratio of 1.40 and a beta of 0.98.

California Resources (NYSE:CRC) last released its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. During the same quarter in the previous year, the business earned $1.02 earnings per share. California Resources’s quarterly revenue was up 194.1% on a year-over-year basis. Research analysts anticipate that California Resources Co. will post 3.45 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date is Monday, December 2nd. California Resources’s dividend payout ratio is currently 24.41%.

Insider Activity

In other news, Director Christian S. Kendall bought 20,895 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were acquired at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the acquisition, the director now owns 24,600 shares in the company, valued at approximately $1,180,062. This represents a 500.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Francisco Leon sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value 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 $8,181,437.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Christian S. Kendall bought 20,895 shares of California Resources stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average price of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the purchase, the director now directly owns 24,600 shares in the company, valued at $1,180,062. This trade represents a 500.00 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 26,270 shares of company stock valued at $1,387,778. 0.03% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CRC shares. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and boosted their price target for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. Stephens initiated coverage on California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 target price for the company. Jefferies Financial Group began coverage on California Resources in a report on Thursday, October 24th. They issued a “buy” rating and a $64.00 price target for the company. Citigroup increased their target price on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 price target on shares of California Resources in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.50.

California Resources 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.