Clear Harbor Asset Management LLC Raises Stock Position in California Resources Co. (NYSE:CRC)

Clear Harbor Asset Management LLC raised its stake in shares of California Resources Co. (NYSE:CRC) by 85.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,050 shares of the oil and gas producer’s stock after buying an additional 3,250 shares during the period. Clear Harbor Asset Management LLC’s holdings in California Resources were worth $370,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CRC. Vanguard Group Inc. increased 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 during the last quarter. Dimensional Fund Advisors LP increased its position in shares of California Resources by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,576,306 shares of the oil and gas producer’s stock valued at $190,328,000 after purchasing an additional 165,629 shares during the last quarter. American Century Companies Inc. increased its position in shares of California Resources by 18.1% during the 2nd 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 purchasing an additional 250,367 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of California Resources by 10.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,078,123 shares of the oil and gas producer’s stock worth $57,378,000 after purchasing an additional 104,504 shares during the period. Finally, Point72 Asset Management L.P. boosted its holdings in shares of California Resources by 2,615.2% in the second quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer’s stock worth $44,865,000 after buying an additional 811,963 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at California Resources

In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction dated 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 sale, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Christian S. Kendall acquired 20,895 shares of the stock in a transaction on Tuesday, August 13th. The stock was bought at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the transaction, the director now directly owns 24,600 shares in the company, valued at approximately $1,180,062. This represents a 500.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 17,301 shares in the company, valued at approximately $916,953. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CRC shares. UBS Group initiated coverage on shares of California Resources in a research report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price target on the stock. Barclays raised their price objective on California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and lifted their price target for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. Citigroup raised their price objective 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. Finally, Jefferies Financial Group started coverage on California Resources in a research note on Thursday. They issued a “buy” rating and a $64.00 price target for the company. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.50.

California Resources Stock Down 1.3 %

NYSE CRC opened at $52.44 on Monday. The stock has a 50 day moving average price of $51.62 and a 200-day moving average price of $50.80. California Resources Co. has a one year low of $43.09 and a one year high of $57.88. The company has a market capitalization of $3.59 billion, a P/E ratio of 15.03, a P/E/G ratio of 1.27 and a beta of 0.98. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.43.

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

California Resources Increases Dividend

The company also recently disclosed 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 is a boost from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date was Friday, August 30th. This represents a $1.55 dividend on an annualized basis and a yield of 2.96%. California Resources’s payout ratio is 44.41%.

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.