California Resources Co. (NYSE:CRC) Stake Boosted by CX Institutional

CX Institutional lifted its stake in shares of California Resources Co. (NYSE:CRC) by 5.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 26,524 shares of the oil and gas producer’s stock after purchasing an additional 1,411 shares during the quarter. CX Institutional’s holdings in California Resources were worth $1,376,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. State Street Corp increased its position in California Resources by 5.1% in the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock worth $181,021,000 after buying an additional 168,278 shares during the period. Geode Capital Management LLC grew its position in shares of California Resources by 3.6% during the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after acquiring an additional 55,815 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of California Resources by 8.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock worth $51,116,000 after acquiring an additional 75,606 shares during the period. Private Management Group Inc. lifted its position in California Resources by 0.3% in the 3rd quarter. Private Management Group Inc. now owns 796,610 shares of the oil and gas producer’s stock valued at $41,798,000 after purchasing an additional 2,651 shares during the last quarter. Finally, Vest Financial LLC boosted its stake in California Resources by 14.5% during the 3rd quarter. Vest Financial LLC now owns 539,009 shares of the oil and gas producer’s stock valued at $28,282,000 after purchasing an additional 68,315 shares during the period. Institutional investors own 97.79% of the company’s stock.

California Resources Stock Down 1.3 %

CRC stock opened at $52.54 on Friday. The firm has a market cap of $4.80 billion, a PE ratio of 8.27, a P/E/G ratio of 1.09 and a beta of 1.05. California Resources Co. has a 12 month low of $43.09 and a 12 month high of $60.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The firm has a 50 day simple moving average of $54.31 and a 200 day simple moving average of $52.57.

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, beating 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 return on equity of 12.16% and a net margin of 17.43%. The company’s quarterly revenue was up 194.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.02 EPS. Equities research analysts forecast that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a $0.3875 dividend. The ex-dividend date was Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a yield of 2.95%. California Resources’s dividend payout ratio is currently 24.41%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. UBS Group started coverage on shares of California Resources in a research note on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price target on the stock. JPMorgan Chase & Co. began coverage on California Resources in a research report on Friday, December 20th. They issued a “neutral” rating and a $63.00 target price on the stock. Stephens started coverage on California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price target for the company. Capital One Financial raised California Resources to a “strong-buy” rating in a report on Monday, December 9th. Finally, Barclays lifted their price objective on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $67.25.

Insiders Place Their Bets

In other news, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the transaction, the vice president now owns 8,531 shares in the company, valued at approximately $475,603.25. The trade was a 50.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Omar Hayat sold 16,016 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the completion of the sale, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company’s stock.

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.