Cibc World Markets Corp Takes Position in California Resources Co. (NYSE:CRC)

Cibc World Markets Corp bought a new position in shares of California Resources Co. (NYSE:CRC - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 6,455 shares of the oil and gas producer's stock, valued at approximately $335,000.

A number of other hedge funds have also added to or reduced their stakes in CRC. Clayton Partners LLC boosted its holdings in shares of California Resources by 13.0% during the 4th quarter. Clayton Partners LLC now owns 138,657 shares of the oil and gas producer's stock worth $7,195,000 after buying an additional 15,900 shares in the last quarter. Natixis Advisors LLC grew 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 worth $631,000 after purchasing an additional 1,122 shares during the period. Swiss National Bank increased its stake in California Resources by 1.1% in the fourth 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of California Resources by 37.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,930 shares of the oil and gas producer's stock valued at $878,000 after purchasing an additional 4,613 shares during the period. Finally, AlphaQuest LLC boosted its position in shares of California Resources by 47.2% during the 4th quarter. AlphaQuest LLC now owns 14,007 shares of the oil and gas producer's stock worth $727,000 after purchasing an additional 4,489 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

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California Resources Stock Down 1.0 %

NYSE:CRC traded down $0.44 on Friday, hitting $43.80. The stock had a trading volume of 898,592 shares, compared to its average volume of 835,430. California Resources Co. has a 1 year low of $38.02 and a 1 year high of $60.41. The firm's fifty day simple moving average is $46.62 and its two-hundred day simple moving average is $51.17. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The stock has a market cap of $3.97 billion, a P/E ratio of 6.90, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06.

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

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were issued a dividend of $0.3875 per share. The ex-dividend date was Monday, March 10th. This represents a $1.55 dividend on an annualized basis and a yield of 3.54%. California Resources's dividend payout ratio (DPR) is presently 37.71%.

Wall Street Analysts Forecast Growth

CRC has been the subject of a number of research analyst reports. Truist Financial began coverage on California Resources in a research report on Monday, January 13th. They issued a "buy" rating and a $75.00 target price for the company. Capital One Financial raised California Resources to a "strong-buy" rating in a research report on Monday, December 9th. JPMorgan Chase & Co. initiated coverage on shares of California Resources in a research report on Friday, December 20th. They issued a "neutral" rating and a $63.00 price target for the company. Barclays lowered their price objective on shares of California Resources from $57.00 to $55.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $68.00 price objective on shares of California Resources in a report on Thursday. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $66.92.

Insiders Place Their Bets

In other news, Director James N. Chapman acquired 2,000 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the purchase, the director now owns 43,445 shares in the company, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.03% of the company's stock.

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.