Samlyn Capital LLC Makes New Investment in California Resources Co. (NYSE:CRC)

Samlyn Capital LLC bought a new position in shares of California Resources Co. (NYSE:CRC) in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 536,760 shares of the oil and gas producer’s stock, valued at approximately $28,566,000. Samlyn Capital LLC owned approximately 0.78% of California Resources at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in CRC. Franklin Resources Inc. increased its holdings in California Resources by 26.7% during the 4th quarter. Franklin Resources Inc. now owns 22,371 shares of the oil and gas producer’s stock worth $1,223,000 after purchasing an additional 4,720 shares in the last quarter. US Bancorp DE increased its holdings in California Resources by 3,737.6% during the 4th quarter. US Bancorp DE now owns 13,585 shares of the oil and gas producer’s stock worth $743,000 after purchasing an additional 13,231 shares in the last quarter. TD Asset Management Inc bought a new position in shares of California Resources in the 4th quarter valued at about $2,149,000. TFO Wealth Partners LLC grew its holdings in shares of 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 in the last quarter. Finally, Campbell & CO Investment Adviser LLC grew its holdings in shares of California Resources by 74.2% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 37,880 shares of the oil and gas producer’s stock valued at $2,071,000 after acquiring an additional 16,138 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

Analysts Set New Price Targets

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

California Resources Stock Up 1.3 %

NYSE CRC opened at $53.52 on Tuesday. 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 Co. has a 1-year low of $43.09 and a 1-year high of $58.44. The company has a 50 day moving average of $50.20 and a 200-day moving average of $51.09. The company has a market cap of $3.67 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 1.19 and a beta of 0.98.

California Resources (NYSE:CRC) last released 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). 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 analyst estimates of $477.07 million. During the same quarter in the previous year, the firm posted $0.53 earnings per share. The firm’s quarterly revenue was down 13.0% on a year-over-year basis. On average, equities research analysts expect that California Resources Co. will post 3.45 earnings per share for the current fiscal year.

California Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 2.90%. This is a boost from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Friday, August 30th. California Resources’s dividend payout ratio (DPR) is 44.41%.

Insiders Place Their Bets

In related news, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the sale, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Christian S. Kendall bought 20,895 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were acquired at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the acquisition, the director now directly owns 24,600 shares in the company, valued at $1,180,062. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the transaction, the vice president now owns 17,301 shares in the company, valued at approximately $916,953. The disclosure for this sale can be found here. 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.