Jennison Associates LLC Buys 11,106 Shares of California Resources Co. (NYSE:CRC)

Jennison Associates LLC raised its stake in shares of California Resources Co. (NYSE:CRC - Free Report) by 7.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 151,098 shares of the oil and gas producer's stock after buying an additional 11,106 shares during the period. Jennison Associates LLC owned approximately 0.22% of California Resources worth $7,928,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRC. Lazard Asset Management LLC lifted its stake in California Resources by 3.7% during 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 purchasing an additional 253 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer's stock valued at $169,000 after acquiring an additional 276 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer's stock worth $51,000 after acquiring an additional 371 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of California Resources by 1.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer's stock worth $1,719,000 after acquiring an additional 400 shares during the last quarter. Finally, KBC Group NV raised its position in shares of California Resources by 29.1% during the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer's stock worth $100,000 after purchasing an additional 431 shares during the period. 97.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CRC has been the subject of a number of recent analyst reports. UBS Group initiated coverage on California Resources in a research report on Wednesday, October 16th. They issued a "buy" rating and a $68.00 price target for the company. StockNews.com upgraded shares of California Resources from a "sell" rating to a "hold" rating in a research report on Saturday, November 16th. Stephens initiated coverage on shares of California Resources in a research note on Tuesday, October 22nd. They set an "overweight" rating and a $73.00 target price on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $65.00 target price on shares of California Resources in a research report on Monday, August 12th. Finally, TD Cowen started coverage on California Resources in a research report on Friday, August 2nd. They set a "buy" rating and a $65.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $65.50.

California Resources Stock Up 0.0 %

NYSE:CRC traded up $0.01 during mid-day trading on Friday, reaching $59.59. The stock had a trading volume of 539,264 shares, compared to its average volume of 651,025. 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 cap of $4.04 billion, a P/E ratio of 9.38, a PEG ratio of 1.48 and a beta of 0.98. The business's 50 day moving average is $53.86 and its 200 day moving average is $51.08. California Resources Co. has a fifty-two week low of $43.09 and a fifty-two week high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $973.13 million. During the same quarter in the previous year, the firm earned $1.02 earnings per share. The business's quarterly revenue was up 194.1% compared to the same quarter last year. As a group, sell-side analysts predict that California Resources Co. will post 3.42 earnings per share for the current year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.3875 per share. The ex-dividend date is Monday, December 2nd. This represents a $1.55 annualized dividend and a yield of 2.60%. California Resources's payout ratio is 24.41%.

Insider Buying and Selling at California Resources

In other news, VP Noelle M. Repetti sold 8,770 shares of the company's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the transaction, the vice president now owns 8,531 shares of the company's stock, valued at approximately $475,603.25. This represents a 50.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Francisco Leon sold 7,500 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the completion of the sale, the chief executive officer now owns 166,357 shares of the company's stock, valued at approximately $8,181,437.26. The trade was a 4.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,270 shares of company stock valued at $1,387,778 in the last 90 days. 0.03% of the stock is currently owned by insiders.

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.