Geode Capital Management LLC Raises Stake in California Resources Co. (NYSE:CRC)

Geode Capital Management LLC raised its stake in shares of California Resources Co. (NYSE:CRC) by 3.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,592,663 shares of the oil and gas producer’s stock after buying an additional 55,815 shares during the quarter. Geode Capital Management LLC owned about 2.35% of California Resources worth $83,583,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC grew its stake in California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after acquiring an additional 371 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of California Resources during the 3rd quarter valued at $70,000. KBC Group NV increased its holdings in shares of California Resources by 29.1% in the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after purchasing an additional 431 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of California Resources by 9.4% in the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after purchasing an additional 276 shares during the period. Finally, Atria Investments Inc purchased a new stake in shares of California Resources in the third quarter worth $209,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Stock Performance

NYSE CRC opened at $50.98 on Friday. The company has a 50-day simple moving average of $55.08 and a two-hundred day simple moving average of $52.06. California Resources Co. has a 12-month low of $43.09 and a 12-month high of $60.41. The firm has a market cap of $4.66 billion, a price-to-earnings ratio of 8.03, a PEG ratio of 1.35 and a beta of 1.01. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $973.13 million. During the same period last year, the company earned $1.02 EPS. California Resources’s revenue for the quarter was up 194.1% compared to the same quarter last year. On average, equities analysts forecast that California Resources Co. will post 3.58 EPS for the current year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.04%. The ex-dividend date of this dividend was Monday, December 2nd. California Resources’s payout ratio is 24.41%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. TD Cowen boosted their target price on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. UBS Group began coverage on shares of California Resources in a research report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price objective on the stock. Jefferies Financial Group initiated coverage on shares of California Resources in a research note on Thursday, October 24th. They issued a “buy” rating and a $64.00 target price on the stock. Capital One Financial raised shares of California Resources to a “strong-buy” rating in a research note on Monday, December 9th. Finally, Barclays increased their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, California Resources presently has an average rating of “Moderate Buy” and an average target price of $66.40.

Insider Activity at California Resources

In other news, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total value of $488,927.50. Following the sale, the vice president now directly owns 8,531 shares in the company, valued at approximately $475,603.25. This trade represents a 50.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the transaction, the executive vice president now owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This represents a 34.11 % decrease in their position. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by company insiders.

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.