Tidal Investments LLC Has $1.59 Million Stake in California Resources Co. (NYSE:CRC)

Tidal Investments LLC raised its position in shares of California Resources Co. (NYSE:CRC - Free Report) by 475.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 30,231 shares of the oil and gas producer's stock after purchasing an additional 24,981 shares during the quarter. Tidal Investments LLC's holdings in California Resources were worth $1,586,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in shares of California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer's stock valued at $51,000 after purchasing an additional 371 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of California Resources in the third quarter worth about $70,000. KBC Group NV increased its position in shares of California Resources by 29.1% in the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer's stock worth $100,000 after acquiring an additional 431 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of California Resources by 9.4% during the third 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 period. Finally, Atria Investments Inc purchased a new stake in shares of California Resources in the 3rd quarter valued at approximately $209,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Omar Hayat sold 16,016 shares of the firm's stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the transaction, the executive vice president now owns 30,940 shares in the company, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the company's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the sale, the vice president now owns 8,531 shares in the company, valued at $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CRC shares. UBS Group began coverage on shares of California Resources in a research report on Wednesday, October 16th. They set a "buy" rating and a $68.00 price objective on the stock. Stephens initiated coverage on California Resources in a report on Tuesday, October 22nd. They set an "overweight" rating and a $73.00 price target on the stock. Citigroup upped their price target on California Resources from $63.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, September 5th. StockNews.com raised shares of California Resources from a "sell" rating to a "hold" rating in a research report on Saturday, November 16th. Finally, Capital One Financial raised shares of California Resources to a "strong-buy" rating in a research report on Monday, December 9th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $66.40.

California Resources Stock Performance

Shares of California Resources stock traded down $2.09 on Wednesday, reaching $51.17. The stock had a trading volume of 781,261 shares, compared to its average volume of 826,286. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The business's 50-day moving average price is $55.10 and its two-hundred day moving average price is $52.07. The stock has a market cap of $4.68 billion, a P/E ratio of 8.06, a price-to-earnings-growth ratio of 1.35 and a beta of 1.01. 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 posted its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.62. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm's revenue for the quarter was up 194.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 earnings per share. On average, sell-side analysts forecast that California Resources Co. will post 3.58 EPS for the current year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.3875 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.55 annualized dividend and a yield of 3.03%. California Resources's dividend payout ratio (DPR) is 24.41%.

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.