California Resources Co. (NYSE:CRC) Shares Purchased by Citigroup Inc.

Citigroup Inc. grew its holdings in shares of California Resources Co. (NYSE:CRC) by 24.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 113,038 shares of the oil and gas producer’s stock after purchasing an additional 22,405 shares during the period. Citigroup Inc. owned approximately 0.17% of California Resources worth $5,931,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Charles Schwab Investment Management Inc. grew its stake in shares of California Resources by 8.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock worth $51,116,000 after purchasing an additional 75,606 shares during the period. Intech Investment Management LLC acquired a new position in California Resources during the third quarter worth about $902,000. Jennison Associates LLC increased its holdings in California Resources by 7.9% in the third quarter. Jennison Associates LLC now owns 151,098 shares of the oil and gas producer’s stock valued at $7,928,000 after buying an additional 11,106 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of California Resources during the 3rd quarter valued at approximately $499,000. Finally, Swiss National Bank boosted its stake in shares of California Resources by 12.7% during the 3rd quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer’s stock worth $6,396,000 after acquiring an additional 13,700 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CRC shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price objective on shares of California Resources in a report on Monday, August 12th. UBS Group assumed coverage on California Resources in a research note on Wednesday, October 16th. They set a “buy” rating and a $68.00 price target for the company. Stephens started coverage on shares of California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective on the stock. Citigroup lifted their target price 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. Finally, Jefferies Financial Group initiated coverage on shares of California Resources in a report on Thursday, October 24th. They issued a “buy” rating and a $64.00 price target on the stock. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.40.

California Resources Stock Performance

NYSE:CRC opened at $59.16 on Monday. California Resources Co. has a 1-year low of $43.09 and a 1-year high of $60.41. The firm has a 50 day simple moving average of $54.49 and a 200-day simple moving average of $51.42. The firm has a market cap of $4.02 billion, a PE ratio of 9.32, a P/E/G ratio of 1.47 and a beta of 0.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business’s revenue for the quarter was up 194.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.02 EPS. On average, equities analysts expect that California Resources Co. will post 3.42 EPS for the current year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date is Monday, December 2nd. California Resources’s payout ratio is 24.41%.

Insider Buying and Selling at California Resources

In other news, CEO Francisco Leon sold 7,500 shares of the company’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 completion of the sale, the chief executive officer now directly owns 166,357 shares in the company, valued at $8,181,437.26. This represents a 4.31 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Noelle M. Repetti sold 10,000 shares of California Resources 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 completion of the transaction, the vice president now owns 17,301 shares in the company, valued at $916,953. The trade was a 36.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,270 shares of company stock worth $1,387,778 in the last 90 days. 0.03% of the stock is owned by company insiders.

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.