AlphaQuest LLC Increases Stake in California Resources Co. (NYSE:CRC)

AlphaQuest LLC increased its position in California Resources Co. (NYSE:CRC) by 47.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 14,007 shares of the oil and gas producer’s stock after acquiring an additional 4,489 shares during the quarter. AlphaQuest LLC’s holdings in California Resources were worth $727,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CRC. Weiss Asset Management LP purchased a new position in California Resources during the 3rd quarter valued at about $28,043,000. State Street Corp grew its holdings in California Resources by 5.1% during the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock valued at $181,021,000 after buying an additional 168,278 shares in the last quarter. Edgestream Partners L.P. purchased a new position in California Resources during the 4th quarter valued at about $7,884,000. Vest Financial LLC boosted its position in shares of California Resources by 27.8% during the 4th quarter. Vest Financial LLC now owns 688,746 shares of the oil and gas producer’s stock valued at $35,739,000 after acquiring an additional 149,737 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of California Resources by 8.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock valued at $51,116,000 after acquiring an additional 75,606 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Stock Performance

Shares of CRC stock opened at $42.97 on Wednesday. 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 fifty-two week low of $38.02 and a fifty-two week high of $60.41. The stock has a 50 day moving average price of $48.81 and a two-hundred day moving average price of $51.79. The company has a market capitalization of $3.90 billion, a P/E ratio of 6.77, a PEG ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.05). California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $877.00 million during the quarter, compared to the consensus estimate of $901.36 million. Analysts expect that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Monday, March 10th will be given a $0.3875 dividend. The ex-dividend date is Monday, March 10th. This represents a $1.55 annualized dividend and a yield of 3.61%. California Resources’s payout ratio is currently 37.71%.

Insider Buying and Selling at California Resources

In other news, EVP Omar Hayat sold 16,016 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the transaction, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. The trade was a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James N. Chapman bought 2,000 shares of California Resources stock in a transaction dated Wednesday, March 5th. The shares were acquired at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the purchase, the director now directly owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CRC. Truist Financial began coverage on California Resources in a research report on Monday, January 13th. They set a “buy” rating and a $75.00 price target for the company. TD Cowen lifted their price target on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. began coverage on California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 price target for the company. Barclays dropped their price target on California Resources from $57.00 to $55.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Finally, StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $67.08.

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.