Algert Global LLC Buys New Position in California Resources Co. (NYSE:CRC)

Algert Global LLC bought a new position in shares of California Resources Co. (NYSE:CRC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 7,303 shares of the oil and gas producer’s stock, valued at approximately $389,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Lazard Asset Management LLC grew its position in shares of California Resources by 3.7% in the first quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock valued at $390,000 after purchasing an additional 253 shares during the period. Louisiana State Employees Retirement System increased its stake in shares of California Resources by 1.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock valued at $1,719,000 after acquiring an additional 400 shares during the last quarter. Texas Permanent School Fund Corp lifted its holdings in shares of California Resources by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 56,452 shares of the oil and gas producer’s stock worth $3,111,000 after acquiring an additional 738 shares during the period. Bfsg LLC boosted its position in shares of California Resources by 15.4% in the second quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock worth $339,000 after acquiring an additional 851 shares during the last quarter. Finally, ProShare Advisors LLC grew its holdings in California Resources by 7.5% in the first quarter. ProShare Advisors LLC now owns 13,937 shares of the oil and gas producer’s stock valued at $768,000 after purchasing an additional 967 shares during the period. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Stock Down 0.1 %

NYSE:CRC opened at $54.17 on Tuesday. 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 capitalization of $3.71 billion, a price-to-earnings ratio of 15.52, a price-to-earnings-growth ratio of 1.31 and a beta of 0.98. California Resources Co. has a one year low of $43.09 and a one year high of $57.88. The stock has a 50-day simple moving average of $50.39 and a 200 day simple moving average of $51.05.

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 (EPS) for the quarter, missing the consensus estimate 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 net margin of 7.61% and a return on equity of 11.27%. The business’s revenue was down 13.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.53 earnings per share. Sell-side analysts predict that California Resources Co. will post 3.45 EPS for the current fiscal year.

California Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were issued a $0.3875 dividend. The ex-dividend date of this dividend was Friday, August 30th. This is a positive change from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 annualized dividend and a dividend yield of 2.86%. California Resources’s payout ratio is 44.41%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Barclays increased their target price on California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Citigroup upped 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. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and raised their price objective 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 target price on shares of California Resources in a research note on Monday, August 12th. Finally, TD Cowen started coverage on California Resources in a research report on Friday, August 2nd. They set a “buy” rating and a $65.00 price target on the stock. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $64.29.

Insider Activity at California Resources

In other California Resources news, CEO Francisco Leon sold 7,500 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now directly owns 166,357 shares in the company, valued at approximately $8,181,437.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Francisco Leon sold 7,500 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the transaction, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. 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 accessible through the SEC website. Also, Director Christian S. Kendall acquired 20,895 shares of California Resources stock in a transaction that occurred 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 acquisition, the director now directly owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. This trade represents a 500.00 % increase in their ownership of the stock. 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.