California Resources Co. (NYSE:CRC) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC grew its stake in shares of California Resources Co. (NYSE:CRC) by 61.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 974 shares of the oil and gas producer’s stock after acquiring an additional 371 shares during the quarter. GAMMA Investing LLC’s holdings in California Resources were worth $51,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Privium Fund Management B.V. acquired a new position in California Resources during the second quarter worth approximately $258,000. Hyperion Capital Advisors LP acquired a new stake in shares of California Resources during the 1st quarter worth $275,000. AlphaMark Advisors LLC purchased a new position in shares of California Resources in the 2nd quarter worth $320,000. Bfsg LLC boosted its holdings in California Resources by 15.4% in the second quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock valued at $339,000 after acquiring an additional 851 shares during the last quarter. Finally, Shell Asset Management Co. boosted its holdings in California Resources by 99.8% in the first quarter. Shell Asset Management Co. now owns 6,311 shares of the oil and gas producer’s stock valued at $348,000 after acquiring an additional 3,153 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Stock Performance

Shares of CRC stock opened at $51.89 on Thursday. The company’s fifty day moving average price is $51.15 and its two-hundred day moving average price is $50.96. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.43 and a quick ratio of 2.33. The firm has a market capitalization of $3.56 billion, a P/E ratio of 14.87, a P/E/G ratio of 1.27 and a beta of 0.98. California Resources Co. has a 12 month low of $43.09 and a 12 month high of $57.88.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). California Resources had a net margin of 7.61% and a return on equity of 11.27%. The business had revenue of $514.00 million during the quarter, compared to analysts’ expectations of $477.07 million. During the same period in the prior year, the company posted $0.53 EPS. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. On average, research analysts anticipate that California Resources Co. will post 3.45 earnings per share for the current fiscal year.

California Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date of this dividend was Friday, August 30th. This is a positive change from California Resources’s previous quarterly dividend of $0.31. California Resources’s payout ratio is 44.41%.

Insider Activity at California Resources

In other news, VP Noelle M. Repetti sold 10,000 shares of the business’s 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 completion of the sale, the vice president now owns 17,301 shares of the company’s stock, valued at approximately $916,953. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the transaction, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Christian S. Kendall purchased 20,895 shares of the stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average price of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the acquisition, the director now directly owns 24,600 shares in the company, valued at approximately $1,180,062. The trade was a 500.00 % increase in their position. The disclosure for this purchase can be found here. 0.03% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. UBS Group began coverage on California Resources in a report on Wednesday. They issued a “buy” rating and a $68.00 price objective on the stock. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and lifted their price target for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. Barclays boosted their price objective on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. TD Cowen assumed coverage on shares of California Resources in a research note on Friday, August 2nd. They issued a “buy” rating and a $65.00 target price on the stock. Finally, Citigroup increased their price target on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, September 5th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $64.75.

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.