Verition Fund Management LLC Increases Position in California Resources Co. (NYSE:CRC)

Verition Fund Management LLC raised its position in California Resources Co. (NYSE:CRC) by 85.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,851 shares of the oil and gas producer’s stock after purchasing an additional 3,615 shares during the period. Verition Fund Management LLC’s holdings in California Resources were worth $412,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC increased 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 purchasing an additional 371 shares during the last quarter. KBC Group NV increased its position in shares of California Resources by 29.1% in the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after purchasing an additional 431 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of California Resources by 9.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock valued at $169,000 after buying an additional 276 shares in the last quarter. Atria Investments Inc acquired a new position in shares of California Resources in the 3rd quarter valued at $209,000. Finally, Privium Fund Management B.V. acquired a new position in shares of California Resources in the 2nd quarter valued at $258,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Stock Down 2.9 %

Shares of California Resources stock opened at $55.20 on Friday. The company has a market cap of $3.75 billion, a P/E ratio of 8.69, a PEG ratio of 1.33 and a beta of 1.01. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. California Resources Co. has a one year low of $43.09 and a one year high of $60.41. The firm has a fifty day moving average of $55.09 and a two-hundred day moving average of $51.87.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. The company 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%. California Resources’s quarterly revenue was up 194.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.02 EPS. On average, analysts forecast that California Resources Co. will post 3.42 earnings per share for the current year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.3875 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.81%. California Resources’s dividend payout ratio is presently 24.41%.

Insider Activity

In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the transaction, the vice president now directly owns 17,301 shares in the company, valued at approximately $916,953. This trade represents a 36.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.03% of the company’s stock.

Wall Street Analysts Forecast Growth

CRC has been the subject of several research analyst reports. Citigroup upped their target price on shares of 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 upgraded shares of California Resources from a “neutral” rating to a “buy” rating and upped their target price for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Barclays upped their target price on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. Finally, TD Cowen increased their price target on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.40.

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.