KLP Kapitalforvaltning AS Makes New $669,000 Investment in California Resources Co. (NYSE:CRC)

KLP Kapitalforvaltning AS purchased a new stake in shares of California Resources Co. (NYSE:CRC - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,900 shares of the oil and gas producer's stock, valued at approximately $669,000.

Several other large investors have also recently bought and sold shares of CRC. R Squared Ltd acquired a new stake in shares of California Resources during the fourth quarter worth approximately $31,000. Smartleaf Asset Management LLC lifted its position in California Resources by 331.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer's stock worth $53,000 after buying an additional 812 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of California Resources by 71.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer's stock valued at $56,000 after buying an additional 454 shares during the period. GAMMA Investing LLC grew its holdings in shares of California Resources by 22.8% during the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer's stock valued at $62,000 after acquiring an additional 222 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new position in shares of California Resources in the third quarter worth $70,000. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Stock Performance

Shares of California Resources stock traded down $5.79 during midday trading on Friday, hitting $34.80. The company had a trading volume of 1,547,452 shares, compared to its average volume of 840,314. California Resources Co. has a 1-year low of $34.43 and a 1-year high of $60.41. The business's 50 day simple moving average is $45.26 and its two-hundred day simple moving average is $50.87. The stock has a market cap of $3.15 billion, a PE ratio of 5.48, a P/E/G ratio of 1.02 and a beta of 1.03. 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 posted its quarterly earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $901.36 million. As a group, equities analysts predict that California Resources Co. will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were given a $0.3875 dividend. The ex-dividend date was Monday, March 10th. This represents a $1.55 annualized dividend and a yield of 4.45%. California Resources's dividend payout ratio (DPR) is currently 37.71%.

Analysts Set New Price Targets

A number of analysts recently issued reports on CRC shares. Capital One Financial raised California Resources to a "strong-buy" rating in a research report on Monday, December 9th. JPMorgan Chase & Co. assumed coverage on California Resources in a report on Friday, December 20th. They set a "neutral" rating and a $63.00 price target for the company. Truist Financial began coverage on California Resources in a report on Monday, January 13th. They issued a "buy" rating and a $75.00 price objective on the stock. Barclays reduced their target price on shares of California Resources from $57.00 to $55.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $68.00 price target on shares of California Resources in a research note on Thursday, March 27th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $66.92.

Insiders Place Their Bets

In other California Resources news, Director James N. Chapman purchased 2,000 shares of the business's stock in a transaction on Wednesday, March 5th. The stock was purchased 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 directly 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.03% of the company's stock.

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.