iA Global Asset Management Inc. Increases Stock Holdings in California Resources Co. (NYSE:CRC)

iA Global Asset Management Inc. raised its holdings in California Resources Co. (NYSE:CRC) by 30.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 4,870 shares of the oil and gas producer’s stock after acquiring an additional 1,140 shares during the quarter. iA Global Asset Management Inc.’s holdings in California Resources were worth $256,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CRC. Weiss Asset Management LP acquired a new position in shares of California Resources during the third quarter valued at about $28,043,000. State Street Corp lifted its stake in shares of California Resources by 5.1% during 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. Point72 DIFC Ltd purchased a new stake in shares of California Resources during the third quarter valued at $70,000. Janus Henderson Group PLC grew its holdings in shares of California Resources by 2.0% during the third quarter. Janus Henderson Group PLC now owns 284,305 shares of the oil and gas producer’s stock valued at $14,917,000 after buying an additional 5,583 shares during the last quarter. Finally, Verition Fund Management LLC increased its position in shares of California Resources by 85.3% in the 3rd quarter. Verition Fund Management LLC now owns 7,851 shares of the oil and gas producer’s stock valued at $412,000 after acquiring an additional 3,615 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

Insider Activity at California Resources

In other news, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the sale, the vice president now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.63% of the stock is owned by corporate insiders.

California Resources Stock Down 2.8 %

CRC opened at $54.80 on Wednesday. The company has a fifty day moving average of $54.97 and a two-hundred day moving average of $51.81. 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 $43.09 and a fifty-two week high of $60.41. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of 8.63, a PEG ratio of 1.33 and a beta of 1.01.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 12.16% and a net margin of 17.43%. During the same quarter in the prior year, the firm posted $1.02 EPS. California Resources’s quarterly revenue was up 194.1% compared to the same quarter last year. On average, research analysts expect that California Resources Co. will post 3.42 earnings per share for the current year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors 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 dividend on an annualized basis and a yield of 2.83%. California Resources’s dividend payout ratio is currently 24.41%.

Analyst Ratings Changes

Several analysts have weighed in on CRC shares. StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Stephens started coverage on California Resources in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 target price on the stock. UBS Group assumed coverage on shares of California Resources in a research report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price target for the company. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and upped their price objective for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. Finally, Barclays increased 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. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, 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.