Intech Investment Management LLC Acquires Shares of 17,196 California Resources Co. (NYSE:CRC)

Intech Investment Management LLC acquired a new stake in shares of California Resources Co. (NYSE:CRCFree Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 17,196 shares of the oil and gas producer’s stock, valued at approximately $902,000.

A number of other institutional investors also recently modified their holdings of the company. Lazard Asset Management LLC increased its stake 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 valued at $390,000 after purchasing an additional 253 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of California Resources by 6.2% during the first 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 acquiring an additional 2,475 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of California Resources by 2.2% during the first quarter. Janus Henderson Group PLC now owns 287,468 shares of the oil and gas producer’s stock worth $15,839,000 after acquiring an additional 6,312 shares in the last quarter. Comerica Bank increased its position in shares of California Resources by 7.4% during the first quarter. Comerica Bank now owns 32,209 shares of the oil and gas producer’s stock worth $1,775,000 after acquiring an additional 2,208 shares in the last quarter. Finally, AlphaMark Advisors LLC purchased a new position in shares of California Resources during the second quarter valued at approximately $320,000. 97.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other California Resources news, CEO Francisco Leon sold 7,500 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now owns 166,357 shares in the company, valued at $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 SEC, which is available at this link. Also, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the transaction, the vice president now owns 8,531 shares of the company’s stock, valued at approximately $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. Insiders sold 26,270 shares of company stock worth $1,387,778 over the last quarter. 0.63% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently commented on CRC. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and increased their price target for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. Barclays increased 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. StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. TD Cowen increased their price objective on shares of California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, UBS Group began coverage on California Resources in a research note on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price on the stock. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $66.40.

View Our Latest Analysis on CRC

California Resources Trading Down 0.2 %

Shares of CRC stock opened at $58.47 on Friday. California Resources Co. has a 12-month low of $43.09 and a 12-month high of $60.41. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The company has a 50 day moving average of $54.25 and a 200-day moving average of $51.27. The firm has a market cap of $3.97 billion, a P/E ratio of 9.21, a PEG ratio of 1.44 and a beta of 0.98.

California Resources (NYSE:CRCGet Free Report) last released its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. During the same period last year, the business posted $1.02 earnings per share. The business’s revenue for the quarter was up 194.1% on a year-over-year basis. Sell-side analysts anticipate that California Resources Co. will post 3.42 earnings per share for the current year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 2.65%. The ex-dividend date is Monday, December 2nd. California Resources’s dividend payout ratio (DPR) is presently 24.41%.

California Resources Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for California Resources (NYSE:CRC)

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