Dynamic Technology Lab Private Ltd Purchases New Shares in California Resources Co. (NYSE:CRC)

Dynamic Technology Lab Private Ltd bought a new position in California Resources Co. (NYSE:CRC - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 28,520 shares of the oil and gas producer's stock, valued at approximately $1,480,000.

A number of other institutional investors also recently modified their holdings of the business. Geode Capital Management LLC raised its holdings 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 during the period. State Street Corp grew its position in shares of California Resources by 5.1% in the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer's stock valued at $181,021,000 after purchasing 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 lifted its holdings in California Resources by 2.0% during the 4th quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer's stock worth $38,350,000 after purchasing an additional 14,240 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in California Resources by 1.2% in 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 purchasing an additional 649 shares during the period. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Stock Performance

Shares of NYSE:CRC traded down $2.95 during mid-day trading on Thursday, reaching $33.52. 354,512 shares of the company traded hands, compared to its average volume of 845,895. The firm has a market cap of $3.04 billion, a PE ratio of 5.29, a PEG ratio of 1.02 and a beta of 1.03. California Resources Co. has a 52 week low of $30.97 and a 52 week high of $60.41. The company's 50 day moving average price is $43.63 and its 200-day moving average price is $50.25. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89.

California Resources (NYSE:CRC - Get Free Report) last released its earnings results 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). 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 for the quarter, compared to analysts' expectations of $901.36 million. On average, equities analysts expect that California Resources Co. will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 4.62%. The ex-dividend date was Monday, March 10th. California Resources's dividend payout ratio is currently 37.71%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Citigroup lowered shares of California Resources from a "buy" rating to a "neutral" rating and cut their price objective for the company from $62.00 to $36.00 in a research report on Monday. JPMorgan Chase & Co. started coverage on shares of California Resources in a report on Friday, December 20th. They issued a "neutral" rating and a $63.00 price target for the company. Barclays decreased their price target 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. Royal Bank of Canada reissued an "outperform" rating and set a $68.00 price objective on shares of California Resources in a research note on Thursday, March 27th. Finally, Truist Financial initiated coverage on California Resources in a research note on Monday, January 13th. They issued a "buy" rating and a $75.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, California Resources presently has an average rating of "Moderate Buy" and a consensus target price of $64.50.

Insider Activity at California Resources

In related news, Director James N. Chapman acquired 2,000 shares of the business's stock in a transaction on Wednesday, March 5th. The stock was acquired at an average cost of $39.42 per share, with a total value of $78,840.00. Following the acquisition, the director now directly owns 43,445 shares in the company, valued at $1,712,601.90. This represents a 4.83 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.03% of the stock is owned by corporate 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.