Charles Schwab Investment Management Inc. Increases Stock Position in California Resources Co. (NYSE:CRC)

Charles Schwab Investment Management Inc. grew its position in shares of California Resources Co. (NYSE:CRC) by 8.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 974,202 shares of the oil and gas producer’s stock after purchasing an additional 75,606 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.44% of California Resources worth $51,116,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Intech Investment Management LLC acquired a new stake in shares of California Resources in the 3rd quarter valued at about $902,000. Jennison Associates LLC boosted its holdings in shares of California Resources by 7.9% in the third quarter. Jennison Associates LLC now owns 151,098 shares of the oil and gas producer’s stock valued at $7,928,000 after acquiring an additional 11,106 shares during the period. Quest Partners LLC acquired a new stake in shares of California Resources in the third quarter valued at approximately $499,000. Swiss National Bank grew its position in shares of California Resources by 12.7% during the third quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer’s stock worth $6,396,000 after acquiring an additional 13,700 shares during the last quarter. Finally, Natixis Advisors LLC acquired a new position in shares of California Resources in the 3rd quarter valued at $579,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

Analyst Ratings Changes

CRC has been the topic of several research reports. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 price objective on shares of California Resources in a research report on Monday, August 12th. Barclays raised their price target on California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and upped their price objective for the company from $57.00 to $65.00 in a research note on Wednesday, August 21st. Stephens began coverage on California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 target price on the stock. Finally, TD Cowen upped their price target on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, California Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.40.

California Resources Trading Up 1.2 %

NYSE:CRC opened at $59.16 on Friday. California Resources Co. has a 1 year low of $43.09 and a 1 year high of $60.41. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The stock has a fifty day moving average price of $54.49 and a two-hundred day moving average price of $51.39. The stock has a market capitalization of $4.02 billion, a price-to-earnings ratio of 9.32, a PEG ratio of 1.45 and a beta of 0.98.

California Resources (NYSE:CRC) last announced its quarterly 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. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business’s revenue was up 194.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.02 EPS. As a group, sell-side analysts anticipate that California Resources Co. will post 3.42 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Monday, December 2nd. California Resources’s dividend payout ratio (DPR) is 24.41%.

Insider Buying and Selling

In related news, VP Noelle M. Repetti sold 10,000 shares of the 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 sale, the vice president now directly owns 17,301 shares of the company’s stock, valued at approximately $916,953. This represents a 36.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Francisco Leon sold 7,500 shares of the firm’s stock in a transaction dated 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 4.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,270 shares of company stock worth $1,387,778 in the last quarter. Company insiders own 0.03% of the company’s stock.

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.