Weiss Asset Management LP Buys New Shares in California Resources Co. (NYSE:CRC)

Weiss Asset Management LP bought a new position in shares of California Resources Co. (NYSE:CRC - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 534,450 shares of the oil and gas producer's stock, valued at approximately $28,043,000. California Resources accounts for about 0.7% of Weiss Asset Management LP's investment portfolio, making the stock its 29th largest position. Weiss Asset Management LP owned approximately 0.79% of California Resources at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its position 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 buying an additional 371 shares during the period. Point72 DIFC Ltd bought a new position in California Resources in the third quarter worth approximately $70,000. KBC Group NV grew its stake in 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 valued at $100,000 after acquiring an additional 431 shares during the period. Farther Finance Advisors LLC increased 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 in the last quarter. Finally, Atria Investments Inc acquired a new position in shares of California Resources during the third quarter worth approximately $209,000. 97.79% of the stock is currently owned by institutional investors.

California Resources Stock Performance

Shares of NYSE:CRC traded down $1.76 during trading on Friday, hitting $53.56. 339,626 shares of the company were exchanged, compared to its average volume of 831,111. California Resources Co. has a 52-week low of $43.09 and a 52-week high of $60.41. The stock has a 50 day moving average of $54.81 and a 200 day moving average of $51.60. 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 company has a market cap of $3.64 billion, a PE ratio of 8.71, a P/E/G ratio of 1.42 and a beta of 1.01.

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

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend is Monday, December 2nd. California Resources's dividend payout ratio is presently 24.41%.

Insider Buying and Selling at California Resources

In other news, VP Noelle M. Repetti sold 10,000 shares of the business's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the transaction, the vice president now owns 17,301 shares of the company's stock, valued at approximately $916,953. The trade was a 36.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.03% of the company's stock.

Analyst Upgrades and Downgrades

CRC has been the subject of several research reports. Citigroup lifted their price target on shares of California Resources from $63.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, September 5th. Bank of America upgraded shares of California Resources from a "neutral" rating to a "buy" rating and upped their target price for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. TD Cowen raised their price target on shares of California Resources from $65.00 to $74.00 and gave the company a "buy" rating in a research report on Tuesday, November 26th. UBS Group assumed coverage on California Resources in a research note on Wednesday, October 16th. They issued a "buy" rating and a $68.00 price objective for the company. Finally, Barclays lifted their target price on California Resources from $55.00 to $57.00 and gave the company an "equal weight" rating in a research report on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, California Resources has an average rating of "Moderate Buy" and an average price target of $66.40.

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.