Samlyn Capital LLC Invests $28.57 Million in California Resources Co. (NYSE:CRC)

Samlyn Capital LLC purchased a new stake in California Resources Co. (NYSE:CRC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 536,760 shares of the oil and gas producer's stock, valued at approximately $28,566,000. Samlyn Capital LLC owned 0.78% of California Resources at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Hennessy Advisors Inc. grew its position in California Resources by 14.1% in the 1st quarter. Hennessy Advisors Inc. now owns 432,200 shares of the oil and gas producer's stock valued at $23,814,000 after purchasing an additional 53,400 shares during the period. Jupiter Asset Management Ltd. acquired a new stake in California Resources in the 1st quarter valued at $4,847,000. Sei Investments Co. lifted its holdings in shares of California Resources by 44.7% in the first quarter. Sei Investments Co. now owns 71,693 shares of the oil and gas producer's stock valued at $3,950,000 after purchasing an additional 22,150 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of California Resources by 497.6% in the first quarter. SG Americas Securities LLC now owns 30,945 shares of the oil and gas producer's stock valued at $1,705,000 after purchasing an additional 25,767 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in shares of California Resources by 879.4% during the first quarter. Empowered Funds LLC now owns 143,051 shares of the oil and gas producer's stock valued at $7,882,000 after buying an additional 128,445 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

Wall Street Analysts Forecast Growth

CRC has been the topic of several recent analyst reports. TD Cowen started coverage on California Resources in a research note on Friday, August 2nd. They set a "buy" rating and a $65.00 price objective on the stock. Bank of America raised shares of California Resources from a "neutral" rating to a "buy" rating and raised their price target for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. Citigroup upped their price objective on shares of California Resources from $63.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, September 5th. Barclays cut their target price on California Resources from $62.00 to $55.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 8th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $65.00 price target on shares of California Resources in a research report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $64.00.

Insider Transactions at California Resources

In related news, VP Noelle M. Repetti sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the transaction, the vice president now directly owns 17,301 shares of the company's stock, valued at approximately $916,953. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the sale, the vice president now owns 17,301 shares in the company, valued at $916,953. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Francisco Leon sold 7,500 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the sale, the chief executive officer now owns 166,357 shares in the company, valued at approximately $8,181,437.26. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company's stock.

California Resources Stock Performance

Shares of NYSE:CRC traded up $0.60 during mid-day trading on Tuesday, reaching $54.04. The company had a trading volume of 786,252 shares, compared to its average volume of 884,149. California Resources Co. has a one year low of $43.09 and a one year high of $58.44. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. The company's 50-day moving average price is $50.20 and its 200-day moving average price is $51.09. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 1.19 and a beta of 0.98.

California Resources (NYSE:CRC - Get Free Report) last issued its earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.36). The firm had revenue of $514.00 million during the quarter, compared to the consensus estimate of $477.07 million. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The business's quarterly revenue was down 13.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.53 earnings per share. As a group, equities research analysts anticipate that California Resources Co. will post 3.45 EPS for the current fiscal year.

California Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend was Friday, August 30th. This is a positive change from California Resources's previous quarterly dividend of $0.31. California Resources's dividend payout ratio (DPR) is currently 44.41%.

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.