Intech Investment Management LLC Raises Stock Holdings in California Resources Co. (NYSE:CRC)

Intech Investment Management LLC grew its holdings in shares of California Resources Co. (NYSE:CRC - Free Report) by 57.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 27,087 shares of the oil and gas producer's stock after acquiring an additional 9,891 shares during the period. Intech Investment Management LLC's holdings in California Resources were worth $1,406,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Thrivent Financial for Lutherans lifted its holdings in California Resources by 1.2% during the 4th quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer's stock worth $2,869,000 after buying an additional 649 shares during the period. Cibc World Markets Corp bought a new position in shares of California Resources during the fourth quarter worth about $335,000. Clayton Partners LLC lifted its stake in shares of California Resources by 13.0% in the fourth quarter. Clayton Partners LLC now owns 138,657 shares of the oil and gas producer's stock worth $7,195,000 after acquiring an additional 15,900 shares during the period. Natixis Advisors LLC boosted its holdings in California Resources by 10.2% in the fourth quarter. Natixis Advisors LLC now owns 12,164 shares of the oil and gas producer's stock valued at $631,000 after acquiring an additional 1,122 shares during the last quarter. Finally, Swiss National Bank increased its position in California Resources by 1.1% during the 4th quarter. Swiss National Bank now owns 123,300 shares of the oil and gas producer's stock valued at $6,398,000 after purchasing an additional 1,400 shares during the period. Institutional investors and hedge funds own 97.79% of the company's stock.

Insider Transactions at California Resources

In other news, Director James N. Chapman bought 2,000 shares of California Resources stock in a transaction dated Wednesday, March 5th. The stock was purchased at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the purchase, the director now directly owns 43,445 shares in the company, valued at $1,712,601.90. The trade was a 4.83 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Royal Bank of Canada restated an "outperform" rating and issued a $70.00 price target on shares of California Resources in a research report on Tuesday, January 14th. Capital One Financial upgraded shares of California Resources to a "strong-buy" rating in a report on Monday, December 9th. JPMorgan Chase & Co. began coverage on California Resources in a report on Friday, December 20th. They set a "neutral" rating and a $63.00 price target for the company. TD Cowen boosted their price objective on California Resources from $65.00 to $74.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Finally, Truist Financial started coverage on California Resources in a research report on Monday, January 13th. They set a "buy" rating and a $75.00 target price on the stock. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $67.08.

California Resources Stock Up 1.3 %

NYSE CRC traded up $0.56 during mid-day trading on Wednesday, hitting $44.55. The company's stock had a trading volume of 576,602 shares, compared to its average volume of 798,661. The firm has a market capitalization of $4.04 billion, a price-to-earnings ratio of 7.02, a PEG ratio of 1.02 and a beta of 1.06. The company's 50 day simple moving average is $47.00 and its 200 day simple moving average is $51.26. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. California Resources Co. has a twelve month low of $38.02 and a twelve month high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings data on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $0.96 by ($0.05). The business had revenue of $877.00 million during the quarter, compared to the consensus estimate of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. Analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date of this dividend was Monday, March 10th. California Resources's dividend payout ratio is currently 37.71%.

About California Resources

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.