Point72 Asset Management L.P. grew its holdings in shares of California Resources Co. (NYSE:CRC - Free Report) by 2,615.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 843,011 shares of the oil and gas producer's stock after buying an additional 811,963 shares during the quarter. Point72 Asset Management L.P. owned approximately 1.24% of California Resources worth $44,865,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Samlyn Capital LLC acquired a new stake in shares of California Resources in the second quarter valued at about $28,566,000. Hennessy Advisors Inc. bought a new stake in shares of California Resources during the 4th quarter worth approximately $20,713,000. Vanguard Group Inc. boosted its holdings in shares of California Resources by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer's stock valued at $446,326,000 after buying an additional 344,043 shares during the last quarter. Vest Financial LLC grew its stake in shares of California Resources by 7,345.1% in the first quarter. Vest Financial LLC now owns 340,168 shares of the oil and gas producer's stock valued at $18,743,000 after buying an additional 335,599 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in shares of California Resources by 18.1% in the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer's stock valued at $86,825,000 after buying an additional 250,367 shares in the last quarter. Institutional investors own 97.79% of the company's stock.
CRC has been the subject of a number of recent analyst reports. Royal Bank of Canada reiterated an "outperform" rating and issued a $65.00 price target on shares of California Resources in a research note on Monday, August 12th. Barclays cut their target price on shares of California Resources from $62.00 to $55.00 and set an "equal weight" rating for the company in a research note on Thursday, August 8th. Citigroup boosted their price target on California Resources from $63.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, September 5th. TD Cowen began coverage on California Resources in a research report on Friday, August 2nd. They issued a "buy" rating and a $65.00 price objective for the company. Finally, Bank of America upgraded California Resources from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $57.00 to $65.00 in a research note on Wednesday, August 21st. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $64.00.
View Our Latest Stock Report on CRC
In other California Resources 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 transaction, the chief executive officer now owns 166,357 shares in the company, valued at approximately $8,181,437.26. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Francisco Leon sold 7,500 shares of the business's stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value 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. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Christian S. Kendall purchased 20,895 shares of California Resources stock in a transaction that occurred on Tuesday, August 13th. The shares were bought at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the transaction, the director now directly owns 24,600 shares of the company's stock, valued at $1,180,062. The disclosure for this purchase can be found here. Corporate insiders own 0.03% of the company's stock.
Shares of NYSE:CRC opened at $51.34 on Thursday. The stock has a market cap of $3.48 billion, a PE ratio of 14.71, a P/E/G ratio of 1.31 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 $58.44. The business has a 50 day moving average of $50.21 and a 200-day moving average of $51.13.
California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.36). The firm had revenue of $514.00 million during the quarter, compared to the consensus estimate of $477.07 million. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The business's revenue for the quarter was down 13.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.53 earnings per share. As a group, equities research analysts forecast that California Resources Co. will post 3.45 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 3.02%. This is a positive change from California Resources's previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Friday, August 30th. California Resources's dividend payout ratio (DPR) is currently 44.41%.
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.
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