Everence Capital Management Inc. Buys New Stake in California Resources Co. (NYSE:CRC)

Everence Capital Management Inc. acquired a new position in California Resources Co. (NYSE:CRC - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,940 shares of the oil and gas producer's stock, valued at approximately $574,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRC. Point72 Asset Management L.P. grew its position in California Resources by 2,615.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer's stock worth $44,865,000 after purchasing an additional 811,963 shares during the period. Samlyn Capital LLC acquired a new stake in California Resources during the second quarter worth about $28,566,000. Vanguard Group Inc. raised its position in California Resources by 4.4% during the first quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer's stock valued at $446,326,000 after acquiring an additional 344,043 shares in the last quarter. American Century Companies Inc. lifted its holdings in California Resources by 18.1% in the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer's stock valued at $86,825,000 after acquiring an additional 250,367 shares during the period. Finally, SIR Capital Management L.P. purchased a new stake in California Resources in the 2nd quarter worth approximately $11,820,000. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Stock Up 6.1 %

California Resources stock traded up $3.05 during mid-day trading on Tuesday, reaching $53.46. 977,047 shares of the company's stock were exchanged, compared to its average volume of 866,576. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. California Resources Co. has a twelve month low of $43.09 and a twelve month high of $57.88. The company has a market cap of $3.66 billion, a P/E ratio of 15.32, a P/E/G ratio of 1.27 and a beta of 0.98. The company has a fifty day moving average of $51.36 and a 200-day moving average of $50.89.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings data 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). California Resources had a net margin of 7.61% and a return on equity of 11.27%. The company had revenue of $514.00 million during the quarter, compared to analyst estimates of $477.07 million. During the same quarter in the previous year, the business posted $0.53 earnings per share. The firm's revenue was down 13.0% on a year-over-year basis. Sell-side analysts expect that California Resources Co. will post 3.45 EPS for the current year.

California Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.90%. This is a positive change from California Resources's previous quarterly dividend of $0.31. The ex-dividend date was Friday, August 30th. California Resources's dividend payout ratio is presently 44.41%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. TD Cowen started coverage on shares of California Resources in a research note on Friday, August 2nd. They issued a "buy" rating and a $65.00 target price for the company. Royal Bank of Canada reiterated an "outperform" rating and issued a $65.00 price objective on shares of California Resources in a research report on Monday, August 12th. Bank of America upgraded California Resources from a "neutral" rating to a "buy" rating and raised their target price for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. UBS Group initiated coverage on California Resources in a report on Wednesday, October 16th. They issued a "buy" rating and a $68.00 price target for the company. Finally, Barclays raised their price objective on California Resources from $55.00 to $57.00 and gave the company an "equal weight" rating in a report on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $65.67.

Insider Activity at California Resources

In other news, Director Christian S. Kendall purchased 20,895 shares of the stock in a transaction on Tuesday, August 13th. The stock was bought at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the acquisition, the director now directly owns 24,600 shares of the company's stock, valued at approximately $1,180,062. The trade was a 500.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other California Resources news, CEO Francisco Leon sold 7,500 shares of the firm's 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 directly owns 166,357 shares in the company, valued at $8,181,437.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Christian S. Kendall acquired 20,895 shares of the stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the transaction, the director now owns 24,600 shares in the company, valued at approximately $1,180,062. This represents a 500.00 % increase in their position. The disclosure for this purchase can be found here. 0.03% of the stock is owned by corporate insiders.

California Resources Company 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.