California Resources Co. (NYSE:CRC) Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC increased its position in shares of California Resources Co. (NYSE:CRC - Free Report) by 278.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 206,636 shares of the oil and gas producer's stock after buying an additional 152,100 shares during the period. Renaissance Technologies LLC owned 0.23% of California Resources worth $10,722,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MML Investors Services LLC boosted its stake in shares of California Resources by 33.6% during the 3rd quarter. MML Investors Services LLC now owns 7,183 shares of the oil and gas producer's stock worth $377,000 after acquiring an additional 1,808 shares in the last quarter. Geode Capital Management LLC boosted its position in California Resources by 3.6% during the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer's stock worth $83,583,000 after purchasing an additional 55,815 shares in the last quarter. Tidal Investments LLC grew its holdings in California Resources by 475.8% in the third quarter. Tidal Investments LLC now owns 30,231 shares of the oil and gas producer's stock valued at $1,586,000 after purchasing an additional 24,981 shares during the period. GAMMA Investing LLC grew its holdings in California Resources by 22.8% in the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer's stock valued at $62,000 after purchasing an additional 222 shares during the period. Finally, Wedge Capital Management L L P NC increased its position in shares of California Resources by 14.5% in the fourth quarter. Wedge Capital Management L L P NC now owns 19,288 shares of the oil and gas producer's stock valued at $1,001,000 after buying an additional 2,437 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

Insider Buying and Selling

In other news, Director James N. Chapman purchased 2,000 shares of the stock in a transaction dated Wednesday, March 5th. The stock was acquired at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the transaction, the director now directly owns 43,445 shares in the company, valued at approximately $1,712,601.90. This represents a 4.83 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.03% of the company's stock.

California Resources Trading Up 1.9 %

NYSE:CRC traded up $0.65 during trading hours on Tuesday, hitting $34.97. The company had a trading volume of 735,180 shares, compared to its average volume of 854,841. California Resources Co. has a 1 year low of $30.97 and a 1 year high of $60.41. The company has a market cap of $3.17 billion, a P/E ratio of 5.51, a P/E/G ratio of 1.02 and a beta of 1.03. The company has a 50-day moving average of $41.29 and a 200 day moving average of $49.13. 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 (NYSE:CRC - Get Free Report) last announced its quarterly earnings data on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.96 by ($0.05). California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $877.00 million during the quarter, compared to analysts' expectations of $901.36 million. Sell-side analysts expect that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were paid a dividend of $0.3875 per share. The ex-dividend date was Monday, March 10th. This represents a $1.55 annualized dividend and a yield of 4.43%. California Resources's dividend payout ratio (DPR) is 37.71%.

Analysts Set New Price Targets

CRC has been the topic of a number of research analyst reports. Citigroup cut shares of California Resources from a "buy" rating to a "neutral" rating and dropped their price target for the company from $62.00 to $36.00 in a research note on Monday, April 7th. Barclays cut their target price on shares of California Resources from $57.00 to $55.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Royal Bank of Canada decreased their price target on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research note on Friday, April 11th. Finally, Truist Financial started coverage on California Resources in a research note on Monday, January 13th. They set a "buy" rating and a $75.00 price objective for the company. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, California Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of $63.83.

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.