CenterBook Partners LP Invests $4.09 Million in California Resources Co. (NYSE:CRC)

CenterBook Partners LP acquired a new stake in California Resources Co. (NYSE:CRC - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 78,864 shares of the oil and gas producer's stock, valued at approximately $4,092,000. CenterBook Partners LP owned about 0.09% of California Resources at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC lifted its stake in California Resources by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer's stock valued at $83,583,000 after acquiring an additional 55,815 shares in the last quarter. State Street Corp grew its stake in California Resources by 5.1% in the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer's stock valued at $181,021,000 after buying an additional 168,278 shares in the last quarter. Entropy Technologies LP bought a new stake in shares of California Resources during the 4th quarter valued at $841,000. Bank of New York Mellon Corp boosted its position in shares of California Resources by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer's stock valued at $38,350,000 after acquiring an additional 14,240 shares during the period. Finally, Thrivent Financial for Lutherans increased its holdings in shares of California Resources by 1.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer's stock worth $2,869,000 after purchasing an additional 649 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at California Resources

In other news, Director James N. Chapman purchased 2,000 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were purchased at an average price of $39.42 per share, with a total value of $78,840.00. Following the purchase, the director now directly owns 43,445 shares of the company's stock, valued at approximately $1,712,601.90. This represents a 4.83 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.03% of the company's stock.

California Resources Stock Performance

Shares of CRC traded up $0.17 during mid-day trading on Tuesday, reaching $34.56. 184,575 shares of the company's stock were exchanged, compared to its average volume of 847,020. The business's fifty day simple moving average is $42.77 and its 200-day simple moving average is $49.87. California Resources Co. has a 52-week low of $30.97 and a 52-week high of $60.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The stock has a market capitalization of $3.13 billion, a PE ratio of 5.44, a price-to-earnings-growth ratio of 1.02 and a beta of 1.03.

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 for the quarter, missing the consensus estimate of $0.96 by ($0.05). The company had revenue of $877.00 million for the quarter, compared to analysts' expectations of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. On average, equities research analysts expect 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 given a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 4.48%. The ex-dividend date of this dividend was Monday, March 10th. California Resources's dividend payout ratio (DPR) is presently 37.71%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CRC shares. Royal Bank of Canada dropped their price target on California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday. JPMorgan Chase & Co. assumed coverage on California Resources in a report on Friday, December 20th. They issued a "neutral" rating and a $63.00 price objective for the company. Truist Financial began coverage on California Resources in a research report on Monday, January 13th. They issued a "buy" rating and a $75.00 price target for the company. Barclays reduced their target price on California Resources from $57.00 to $55.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Finally, Citigroup downgraded California Resources from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $62.00 to $36.00 in a research note on Monday, April 7th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, California Resources presently has a consensus rating of "Moderate Buy" and an average target price 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.