Swiss National Bank Purchases 13,700 Shares of California Resources Co. (NYSE:CRC)

Swiss National Bank grew its position in shares of California Resources Co. (NYSE:CRC) by 12.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 121,900 shares of the oil and gas producer’s stock after buying an additional 13,700 shares during the quarter. Swiss National Bank owned approximately 0.18% of California Resources worth $6,396,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Lazard Asset Management LLC grew its holdings in California Resources by 3.7% during the 1st quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock worth $390,000 after acquiring an additional 253 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in California Resources by 6.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 42,495 shares of the oil and gas producer’s stock worth $2,342,000 after purchasing an additional 2,475 shares during the last quarter. Janus Henderson Group PLC boosted its position in California Resources by 2.2% in the 1st quarter. Janus Henderson Group PLC now owns 287,468 shares of the oil and gas producer’s stock valued at $15,839,000 after buying an additional 6,312 shares during the last quarter. Comerica Bank increased its stake in shares of California Resources by 7.4% in the 1st quarter. Comerica Bank now owns 32,209 shares of the oil and gas producer’s stock valued at $1,775,000 after buying an additional 2,208 shares during the period. Finally, EMC Capital Management bought a new stake in shares of California Resources during the first quarter worth $540,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

Insider Transactions at California Resources

In other news, CEO Francisco Leon sold 7,500 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the completion of the transaction, the chief executive officer now owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. This represents a 4.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the sale, the vice president now directly owns 8,531 shares in the company, valued at $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,270 shares of company stock valued at $1,387,778. Corporate insiders own 0.03% of the company’s stock.

California Resources Stock Performance

CRC opened at $58.56 on Wednesday. The firm has a market cap of $3.97 billion, a P/E ratio of 9.22, a price-to-earnings-growth ratio of 1.48 and a beta of 0.98. 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 52-week low of $43.09 and a 52-week high of $60.41. The business’s fifty day moving average is $54.00 and its 200-day moving average is $51.15.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, beating the consensus estimate of $0.88 by $0.62. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 194.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.02 EPS. Sell-side analysts expect that California Resources Co. will post 3.42 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm 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 $0.3875 dividend. The ex-dividend date is Monday, December 2nd. This represents a $1.55 annualized dividend and a dividend yield of 2.65%. California Resources’s payout ratio is 24.41%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CRC shares. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Citigroup increased their price target on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. StockNews.com raised California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Jefferies Financial Group assumed coverage on California Resources in a research note on Thursday, October 24th. They set a “buy” rating and a $64.00 price objective on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 target price on shares of California Resources in a research note on Monday, August 12th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and a consensus target price of $66.40.

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.