Jennison Associates LLC Raises Stock Position in California Resources Co. (NYSE:CRC)

Jennison Associates LLC boosted its position in shares of California Resources Co. (NYSE:CRC) by 41.9% in the fourth quarter, HoldingsChannel reports. The fund owned 214,436 shares of the oil and gas producer’s stock after purchasing an additional 63,338 shares during the quarter. Jennison Associates LLC’s holdings in California Resources were worth $11,127,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. GSA Capital Partners LLP purchased a new stake in shares of California Resources during the 3rd quarter valued at $682,000. Swiss National Bank grew its stake in 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 buying an additional 13,700 shares during the last quarter. Natixis Advisors LLC acquired a new position in California Resources during the 3rd quarter valued at about $579,000. Geode Capital Management LLC raised its stake in California Resources by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock valued at $83,583,000 after buying an additional 55,815 shares during the last quarter. Finally, State Street Corp boosted its holdings in California Resources by 5.1% in the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock worth $181,021,000 after acquiring an additional 168,278 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CRC shares. UBS Group initiated coverage on shares of California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price objective on the stock. Capital One Financial raised shares of California Resources to a “strong-buy” rating in a report on Monday, December 9th. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 price objective on shares of California Resources in a research note on Tuesday, January 14th. TD Cowen upped their target price on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, Truist Financial initiated coverage on California Resources in a research report on Monday, January 13th. They set a “buy” rating and a $75.00 price target for the company. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, California Resources presently has an average rating of “Moderate Buy” and a consensus price target of $67.25.

California Resources Stock Performance

Shares of CRC stock opened at $48.12 on Thursday. California Resources Co. has a 52-week low of $43.09 and a 52-week high of $60.41. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The stock has a market cap of $4.40 billion, a PE ratio of 7.58, a price-to-earnings-growth ratio of 1.01 and a beta of 1.04. The business has a 50-day simple moving average of $52.93 and a 200-day simple moving average of $52.45.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. California Resources’s revenue for the quarter was up 194.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 earnings per share. On average, equities analysts expect that California Resources Co. will post 3.85 EPS for the current year.

Insider Activity

In other news, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the sale, the executive vice president now directly owns 30,940 shares in the company, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.63% of the company’s stock.

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.