Dimensional Fund Advisors LP Acquires 165,629 Shares of California Resources Co. (NYSE:CRC)

Dimensional Fund Advisors LP grew its holdings in California Resources Co. (NYSE:CRC) by 4.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,576,306 shares of the oil and gas producer’s stock after purchasing an additional 165,629 shares during the period. Dimensional Fund Advisors LP owned approximately 5.22% of California Resources worth $190,328,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. TFO Wealth Partners LLC grew its position in California Resources by 67,800.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock worth $74,000 after acquiring an additional 1,356 shares during the last quarter. Quadrant Capital Group LLC grew its position in California Resources by 92.4% during the 4th quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock worth $82,000 after acquiring an additional 722 shares during the last quarter. Privium Fund Management B.V. bought a new stake in California Resources during the 2nd quarter worth $258,000. Hyperion Capital Advisors LP bought a new stake in California Resources during the 1st quarter worth $275,000. Finally, AlphaMark Advisors LLC bought a new stake in California Resources during the 2nd quarter worth $320,000. Institutional investors own 97.79% of the company’s stock.

Analysts Set New Price Targets

CRC has been the topic of a number of research reports. TD Cowen initiated coverage on California Resources in a research report on Friday, August 2nd. They set a “buy” rating and a $65.00 price objective on the stock. Barclays reduced their price objective on California Resources from $62.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and upped their price target for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 price target on shares of California Resources in a research report on Monday, August 12th. Finally, 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. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $63.00.

California Resources Stock Up 0.9 %

CRC stock opened at $52.77 on Friday. The stock’s 50 day simple moving average is $50.15 and its 200 day simple moving average is $51.07. California Resources Co. has a fifty-two week low of $43.09 and a fifty-two week high of $58.44. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.43. The company has a market cap of $3.62 billion, a P/E ratio of 15.12, a price-to-earnings-growth ratio of 1.19 and a beta of 0.98.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). The firm had revenue of $514.00 million for the quarter, compared to analyst estimates of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The firm’s quarterly revenue was down 13.0% compared to the same quarter last year. During the same period last year, the company posted $0.53 earnings per share. On average, research analysts expect that California Resources Co. will post 3.45 earnings per share for the current fiscal year.

California Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a $0.3875 dividend. The ex-dividend date of this dividend was Friday, August 30th. This is an increase from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 annualized dividend and a dividend yield of 2.94%. California Resources’s dividend payout ratio is 44.41%.

Insider Transactions at California Resources

In other news, CEO Francisco Leon sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the completion of the sale, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the completion of the transaction, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Christian S. Kendall bought 20,895 shares of California Resources stock in a transaction dated Tuesday, August 13th. The stock was acquired at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the acquisition, the director now owns 24,600 shares of the company’s stock, valued at $1,180,062. The disclosure for this purchase can be found here. Company insiders own 0.03% of the company’s stock.

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.