Point72 DIFC Ltd Acquires New Holdings in California Resources Co. (NYSE:CRC)

Point72 DIFC Ltd bought a new position in California Resources Co. (NYSE:CRC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,342 shares of the oil and gas producer’s stock, valued at approximately $70,000.

Several other hedge funds also recently modified their holdings of the business. GSA Capital Partners LLP bought a new position in shares of California Resources in the 3rd quarter valued at approximately $682,000. Natixis Advisors LLC acquired a new position in California Resources during the third quarter valued at approximately $579,000. Swiss National Bank raised its position in shares of California Resources by 12.7% in the third quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer’s stock valued at $6,396,000 after purchasing an additional 13,700 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of California Resources by 8.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock worth $51,116,000 after buying an additional 75,606 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in shares of California Resources during the 3rd quarter worth $499,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

Insider Buying and Selling at California Resources

In other California Resources news, VP Noelle M. Repetti sold 8,770 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the transaction, the vice president now directly owns 8,531 shares in the company, valued at $475,603.25. The trade was a 50.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.63% of the company’s stock.

California Resources Trading Up 5.1 %

Shares of CRC stock opened at $56.36 on Tuesday. The firm has a fifty day moving average of $54.93 and a 200-day moving average of $51.76. The stock has a market cap of $3.83 billion, a price-to-earnings ratio of 8.88, a P/E/G ratio of 1.33 and a beta of 1.01. California Resources Co. has a 52-week low of $43.09 and a 52-week high of $60.41. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97.

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

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend is Monday, December 2nd. California Resources’s dividend payout ratio is 24.41%.

Analyst Ratings Changes

CRC has been the topic of several recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 target price on shares of California Resources in a report on Monday, August 12th. Stephens initiated coverage on California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price objective for the company. Barclays raised their target price on California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Finally, Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $57.00 to $65.00 in a research note on Wednesday, August 21st. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.40.

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.