Intech Investment Management LLC Invests $902,000 in California Resources Co. (NYSE:CRC)

Intech Investment Management LLC acquired a new stake in shares of California Resources Co. (NYSE:CRC) during the third quarter, HoldingsChannel reports. The fund acquired 17,196 shares of the oil and gas producer’s stock, valued at approximately $902,000.

Other hedge funds also recently bought and sold shares of the company. Jennison Associates LLC raised its stake in shares of California Resources by 7.9% during the third quarter. Jennison Associates LLC now owns 151,098 shares of the oil and gas producer’s stock worth $7,928,000 after acquiring an additional 11,106 shares in the last quarter. Quest Partners LLC bought a new position in shares of California Resources during the 3rd quarter valued at $499,000. Swiss National Bank grew its holdings in shares of California Resources by 12.7% during the 3rd quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer’s stock valued at $6,396,000 after purchasing an additional 13,700 shares during the last quarter. Natixis Advisors LLC purchased a new position in California Resources in the 3rd quarter worth $579,000. Finally, KBC Group NV lifted 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 worth $100,000 after purchasing an additional 431 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

Insider Buying and Selling at California Resources

In other news, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the completion of the sale, the chief executive officer now directly owns 166,357 shares in the company, valued at $8,181,437.26. The trade was a 4.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the transaction, the vice president now owns 8,531 shares in the company, valued at approximately $475,603.25. The trade was a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,270 shares of company stock worth $1,387,778. 0.63% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CRC has been the subject of several analyst reports. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and increased their target price for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. TD Cowen lifted their price target on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday. Jefferies Financial Group initiated coverage on shares of California Resources in a research report on Thursday, October 24th. They set a “buy” rating and a $64.00 price objective on the stock. Citigroup boosted their price target on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $65.00 price objective on shares of California Resources in a report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $66.40.

California Resources Stock Down 0.2 %

NYSE CRC opened at $58.47 on Friday. The business has a fifty day moving average price of $54.25 and a 200 day moving average price of $51.27. The company has a market cap of $3.97 billion, a P/E ratio of 9.21, a P/E/G ratio of 1.44 and a beta of 0.98. 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 one year low of $43.09 and a one year high of $60.41.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. The company 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 quarterly revenue was up 194.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.02 earnings per share. Research analysts anticipate that California Resources Co. will post 3.42 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Monday, December 2nd. California Resources’s payout ratio 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.