Interval Partners LP Buys Shares of 41,577 California Resources Co. (NYSE:CRC)

Interval Partners LP purchased a new position in California Resources Co. (NYSE:CRC) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 41,577 shares of the oil and gas producer’s stock, valued at approximately $2,213,000. Interval Partners LP owned about 0.06% of California Resources as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CRC. Franklin Resources Inc. lifted its holdings in California Resources by 26.7% in the 4th quarter. Franklin Resources Inc. now owns 22,371 shares of the oil and gas producer’s stock valued at $1,223,000 after purchasing an additional 4,720 shares in the last quarter. US Bancorp DE boosted its position in California Resources by 3,737.6% during the fourth quarter. US Bancorp DE now owns 13,585 shares of the oil and gas producer’s stock worth $743,000 after acquiring an additional 13,231 shares during the last quarter. TD Asset Management Inc purchased a new stake in California Resources in the 4th quarter worth approximately $2,149,000. TFO Wealth Partners LLC raised its holdings in California Resources by 67,800.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock valued at $74,000 after acquiring an additional 1,356 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC lifted its stake in shares of California Resources by 74.2% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 37,880 shares of the oil and gas producer’s stock worth $2,071,000 after purchasing an additional 16,138 shares during the period. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Stock Performance

NYSE:CRC opened at $53.52 on Tuesday. The firm has a market capitalization of $3.67 billion, a PE ratio of 15.34, a PEG ratio of 1.19 and a beta of 0.98. The firm’s fifty day simple moving average is $50.20 and its 200 day simple moving average is $51.09. California Resources Co. has a 1 year low of $43.09 and a 1 year high of $58.44. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57.

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

California Resources Increases Dividend

The business also recently declared 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 was Friday, August 30th. This is a boost from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.90%. California Resources’s dividend payout ratio is 44.41%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRC. Barclays lowered their price objective on California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 price objective on shares of California Resources in a research note on Monday, August 12th. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and raised their price target for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. TD Cowen began coverage on California Resources in a report on Friday, August 2nd. They set a “buy” rating and a $65.00 price objective on the stock. Finally, Citigroup increased their price target on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, California Resources has an average rating of “Moderate Buy” and a consensus target price of $64.00.

Insider Buying and Selling at California Resources

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

California Resources 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.