Intech Investment Management LLC Invests $902,000 in California Resources Co. (NYSE:CRC)

Intech Investment Management LLC acquired a new position in shares of California Resources Co. (NYSE:CRC - Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 17,196 shares of the oil and gas producer's stock, valued at approximately $902,000.

Other hedge funds have also recently made changes to their positions in the company. Lazard Asset Management LLC boosted its stake in California Resources by 3.7% in the first quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer's stock valued at $390,000 after acquiring an additional 253 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in California Resources by 6.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 42,495 shares of the oil and gas producer's stock worth $2,342,000 after purchasing an additional 2,475 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of California Resources by 2.2% during the first quarter. Janus Henderson Group PLC now owns 287,468 shares of the oil and gas producer's stock valued at $15,839,000 after buying an additional 6,312 shares during the last quarter. Comerica Bank increased its position in shares of California Resources by 7.4% in the 1st quarter. Comerica Bank now owns 32,209 shares of the oil and gas producer's stock valued at $1,775,000 after acquiring an additional 2,208 shares during the period. Finally, AlphaMark Advisors LLC purchased a new position in California Resources in the 2nd quarter worth $320,000. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at California Resources

In other news, CEO Francisco Leon sold 7,500 shares of the firm's stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the completion of the transaction, the chief executive officer now owns 166,357 shares of the company's stock, valued at approximately $8,181,437.26. This trade represents a 4.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the sale, the vice president now directly owns 8,531 shares in the company, valued at approximately $475,603.25. The trade was a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,270 shares of company stock valued at $1,387,778 over the last quarter. 0.03% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CRC shares. Royal Bank of Canada reiterated an "outperform" rating and issued a $65.00 price objective on shares of California Resources in a research note on Monday, August 12th. StockNews.com raised shares of California Resources from a "sell" rating to a "hold" rating in a report on Saturday, November 16th. Stephens initiated coverage on shares of California Resources in a research report on Tuesday, October 22nd. They set an "overweight" rating and a $73.00 price objective for the company. UBS Group started coverage on California Resources in a research report on Wednesday, October 16th. They issued a "buy" rating and a $68.00 target price on the stock. Finally, Barclays boosted their price target on California Resources from $55.00 to $57.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 3rd. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $66.40.

California Resources Trading Up 1.2 %

CRC stock traded up $0.69 during midday trading on Friday, hitting $59.16. 321,418 shares of the company's stock were exchanged, compared to its average volume of 837,810. California Resources Co. has a 1-year low of $43.09 and a 1-year high of $60.41. The business has a 50-day simple moving average of $54.36 and a two-hundred day simple moving average of $51.32. The stock has a market capitalization of $4.02 billion, a PE ratio of 9.32, a P/E/G ratio of 1.45 and a beta of 0.98. 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 posted its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $973.13 million. During the same quarter in the prior year, the company posted $1.02 earnings per share. California Resources's revenue for the quarter was up 194.1% compared to the same quarter last year. On average, sell-side analysts predict that California Resources Co. will post 3.42 EPS for the current fiscal year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.3875 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.55 annualized dividend and a yield of 2.62%. California Resources's dividend payout ratio (DPR) is presently 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.