California Resources Co. (NYSE:CRC) Stock Position Boosted by AQR Capital Management LLC

AQR Capital Management LLC increased its position in California Resources Co. (NYSE:CRC) by 114.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,032 shares of the oil and gas producer’s stock after buying an additional 11,205 shares during the quarter. AQR Capital Management LLC’s holdings in California Resources were worth $1,119,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CRC. Privium Fund Management B.V. purchased a new position in California Resources in the 2nd quarter worth about $258,000. Hyperion Capital Advisors LP purchased a new stake in California Resources in the 1st quarter worth approximately $275,000. AlphaMark Advisors LLC acquired a new stake in shares of California Resources during the 2nd quarter valued at $320,000. Bfsg LLC grew its holdings in shares of California Resources by 15.4% during the 2nd quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock valued at $339,000 after acquiring an additional 851 shares in the last quarter. Finally, Shell Asset Management Co. increased its stake in shares of California Resources by 99.8% in the first quarter. Shell Asset Management Co. now owns 6,311 shares of the oil and gas producer’s stock worth $348,000 after acquiring an additional 3,153 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Stock Performance

CRC opened at $53.69 on Friday. The stock’s 50 day moving average price is $50.69 and its two-hundred day moving average price is $51.04. The firm has a market capitalization of $3.64 billion, a P/E ratio of 23.86, a price-to-earnings-growth ratio of 1.27 and a beta of 0.98. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. California Resources Co. has a 12-month low of $43.09 and a 12-month high of $57.88.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.36). The business 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%. California Resources’s revenue was down 13.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.53 earnings per share. On average, equities analysts forecast that California Resources Co. will post 3.45 earnings per share for the current year.

California Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a dividend of $0.3875 per share. This is an increase from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 annualized dividend and a yield of 2.89%. The ex-dividend date was Friday, August 30th. California Resources’s dividend payout ratio (DPR) is currently 68.89%.

Insider Buying and Selling at California Resources

In other news, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction that occurred 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 completion of the transaction, the vice president now owns 17,301 shares in the company, valued at approximately $916,953. The trade was a 0.00 % decrease in their ownership of the stock. The transaction 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 the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was 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 approximately $916,953. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Citigroup boosted their target price on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Bank of America raised shares of 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 reissued an “outperform” rating and issued a $65.00 target price on shares of California Resources in a research report on Monday, August 12th. Barclays upped their price objective on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. Finally, TD Cowen started coverage on California Resources in a research report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price target for the company. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $64.29.

California Resources Company 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.