CenterBook Partners LP Purchases New Holdings in California Resources Co. (NYSE:CRC)

CenterBook Partners LP acquired a new position in shares of California Resources Co. (NYSE:CRC) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 78,864 shares of the oil and gas producer’s stock, valued at approximately $4,092,000.

A number of other hedge funds have also recently bought and sold shares of the company. Verition Fund Management LLC boosted its holdings in California Resources by 85.3% in the third quarter. Verition Fund Management LLC now owns 7,851 shares of the oil and gas producer’s stock valued at $412,000 after acquiring an additional 3,615 shares during the last quarter. State Street Corp lifted its position in California Resources by 5.1% during the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock valued at $181,021,000 after purchasing an additional 168,278 shares during the period. iA Global Asset Management Inc. boosted its stake in shares of California Resources by 30.6% in the 3rd quarter. iA Global Asset Management Inc. now owns 4,870 shares of the oil and gas producer’s stock valued at $256,000 after purchasing an additional 1,140 shares during the last quarter. MML Investors Services LLC grew its position in shares of California Resources by 33.6% during the 3rd quarter. MML Investors Services LLC now owns 7,183 shares of the oil and gas producer’s stock worth $377,000 after buying an additional 1,808 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of California Resources by 3.6% during the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after buying an additional 55,815 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors.

California Resources Stock Performance

Shares of CRC stock opened at $36.49 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. California Resources Co. has a 52 week low of $30.97 and a 52 week high of $60.41. The company’s 50 day moving average price is $43.63 and its two-hundred day moving average price is $50.25. The company has a market capitalization of $3.31 billion, a P/E ratio of 5.75, a price-to-earnings-growth ratio of 1.02 and a beta of 1.03.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). The company had revenue of $877.00 million for the quarter, compared to analyst estimates of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. On average, analysts expect that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were given a dividend of $0.3875 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $1.55 annualized dividend and a dividend yield of 4.25%. California Resources’s dividend payout ratio is currently 37.71%.

Insider Transactions at California Resources

In other news, Director James N. Chapman bought 2,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were purchased at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the purchase, the director now owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. The trade was a 4.83 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.03% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on CRC. JPMorgan Chase & Co. assumed coverage on shares of California Resources in a report on Friday, December 20th. They set a “neutral” rating and a $63.00 target price for the company. Citigroup cut California Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $62.00 to $36.00 in a research note on Monday. Barclays cut their target price on California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Royal Bank of Canada restated an “outperform” rating and set a $68.00 target price on shares of California Resources in a research report on Thursday, March 27th. Finally, Truist Financial began coverage on shares of California Resources in a research report on Monday, January 13th. They issued a “buy” rating and a $75.00 price target on the stock. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $64.50.

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.