AlphaQuest LLC Raises Stock Holdings in California Resources Co. (NYSE:CRC)

AlphaQuest LLC increased its position in California Resources Co. (NYSE:CRC) by 47.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,007 shares of the oil and gas producer’s stock after purchasing an additional 4,489 shares during the period. AlphaQuest LLC’s holdings in California Resources were worth $727,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Yousif Capital Management LLC grew its stake in California Resources by 0.7% in the fourth quarter. Yousif Capital Management LLC now owns 26,924 shares of the oil and gas producer’s stock worth $1,397,000 after purchasing an additional 196 shares during the period. GAMMA Investing LLC grew its stake in California Resources by 22.8% in the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock worth $62,000 after purchasing an additional 222 shares during the period. Arizona State Retirement System grew its stake in California Resources by 1.2% in the fourth quarter. Arizona State Retirement System now owns 18,199 shares of the oil and gas producer’s stock worth $944,000 after purchasing an additional 222 shares during the period. Mutual of America Capital Management LLC grew its stake in California Resources by 3.5% in the fourth quarter. Mutual of America Capital Management LLC now owns 10,835 shares of the oil and gas producer’s stock worth $562,000 after purchasing an additional 371 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its stake in California Resources by 2.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 16,833 shares of the oil and gas producer’s stock worth $873,000 after purchasing an additional 416 shares during the period. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Trading Up 3.5 %

Shares of NYSE:CRC opened at $42.97 on Wednesday. The company has a market cap of $3.90 billion, a P/E ratio of 6.77, a PEG ratio of 1.02 and a beta of 1.06. 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 Co. has a 1 year low of $38.02 and a 1 year high of $60.41. The stock’s fifty day moving average price is $48.81 and its 200-day moving average price is $51.79.

California Resources (NYSE:CRC) last posted its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $877.00 million during the quarter, compared to the consensus estimate of $901.36 million. Sell-side analysts expect that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Monday, March 10th will be issued a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date is Monday, March 10th. California Resources’s dividend payout ratio is 37.71%.

Analyst Ratings Changes

CRC has been the topic of a number of recent research reports. Barclays cut their target price on California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Truist Financial initiated coverage on California Resources in a research note on Monday, January 13th. They issued a “buy” rating and a $75.00 target price on the stock. JPMorgan Chase & Co. initiated coverage on California Resources in a research note on Friday, December 20th. They issued a “neutral” rating and a $63.00 target price on the stock. TD Cowen increased their target price on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Capital One Financial raised California Resources to a “strong-buy” rating in a research note on Monday, December 9th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.08.

Insider Buying and Selling at California Resources

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the transaction, the executive vice president now owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James N. Chapman bought 2,000 shares of the stock in a transaction on Wednesday, March 5th. The stock was purchased at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the acquisition, the director now owns 43,445 shares of the company’s stock, valued at $1,712,601.90. This trade represents a 4.83 % increase in their position. The disclosure for this purchase can be found here. 0.03% of the stock is owned by corporate 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.