Geode Capital Management LLC Increases Stake in California Resources Co. (NYSE:CRC)

Geode Capital Management LLC lifted its holdings in shares of California Resources Co. (NYSE:CRC - Free Report) by 3.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,592,663 shares of the oil and gas producer's stock after buying an additional 55,815 shares during the period. Geode Capital Management LLC owned approximately 2.35% of California Resources worth $83,583,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. GSA Capital Partners LLP purchased a new position in California Resources in the 3rd quarter valued at $682,000. Natixis Advisors LLC purchased a new stake in shares of California Resources in the third quarter valued at about $579,000. Swiss National Bank boosted its holdings in shares of California Resources by 12.7% in the third quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer's stock valued at $6,396,000 after acquiring an additional 13,700 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of California Resources by 8.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer's stock worth $51,116,000 after acquiring an additional 75,606 shares during the period. Finally, Quest Partners LLC purchased a new position in California Resources during the third quarter worth about $499,000. Hedge funds and other institutional investors own 97.79% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CRC shares. StockNews.com raised California Resources from a "sell" rating to a "hold" rating in a report on Saturday, November 16th. TD Cowen lifted their price target on California Resources from $65.00 to $74.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Jefferies Financial Group began coverage on California Resources in a research report on Thursday, October 24th. They issued a "buy" rating and a $64.00 price objective for the company. UBS Group started coverage on shares of California Resources in a research report on Wednesday, October 16th. They set a "buy" rating and a $68.00 target price on the stock. Finally, Barclays increased their price target on shares of California Resources from $55.00 to $57.00 and gave the company an "equal weight" rating in a report on Thursday, October 3rd. Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $66.09.

Insider Activity at California Resources

In other California Resources news, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the sale, the vice president now directly owns 8,531 shares of the company's stock, valued at approximately $475,603.25. The trade was a 50.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Omar Hayat sold 16,016 shares of the firm's stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the sale, the executive vice president now owns 30,940 shares in the company, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company's stock.

California Resources Price Performance

CRC traded down $0.42 during midday trading on Friday, reaching $50.56. 3,532,982 shares of the company's stock were exchanged, compared to its average volume of 837,286. California Resources Co. has a 1-year low of $43.09 and a 1-year high of $60.41. The stock has a market capitalization of $4.62 billion, a PE ratio of 7.96, a P/E/G ratio of 1.35 and a beta of 1.01. 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 business's 50-day moving average price is $55.02 and its 200 day moving average price is $52.10.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.62. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company's quarterly revenue was up 194.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 EPS. As a group, equities analysts anticipate that California Resources Co. will post 3.58 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a $0.3875 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.55 annualized dividend and a dividend yield of 3.07%. California Resources's dividend payout ratio is currently 24.41%.

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.