Intech Investment Management LLC Purchases 9,891 Shares of California Resources Co. (NYSE:CRC)

Intech Investment Management LLC grew its position in California Resources Co. (NYSE:CRC) by 57.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,087 shares of the oil and gas producer’s stock after purchasing an additional 9,891 shares during the quarter. Intech Investment Management LLC’s holdings in California Resources were worth $1,406,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. R Squared Ltd bought a new position in shares of California Resources in the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC raised its position in shares of California Resources by 331.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock valued at $53,000 after purchasing an additional 812 shares during the period. Nisa Investment Advisors LLC raised its position in shares of California Resources by 71.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after purchasing an additional 454 shares during the period. GAMMA Investing LLC raised its position in shares of 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 valued at $62,000 after purchasing an additional 222 shares during the period. Finally, Point72 DIFC Ltd bought a new position in shares of California Resources in the third quarter valued at approximately $70,000. Institutional investors own 97.79% of the company’s stock.

California Resources Stock Down 1.6 %

CRC opened at $43.71 on Friday. California Resources Co. has a fifty-two week low of $38.02 and a fifty-two week high of $60.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The firm’s fifty day moving average price is $47.40 and its two-hundred day moving average price is $51.30. The company has a market capitalization of $3.97 billion, a P/E ratio of 6.88, a P/E/G ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC) last issued its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $901.36 million. On average, analysts anticipate that California Resources Co. will post 3.85 EPS for the current year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were paid a $0.3875 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $1.55 annualized dividend and a dividend yield of 3.55%. California Resources’s dividend payout ratio is presently 37.71%.

Insider Activity

In other news, Director James N. Chapman bought 2,000 shares of California Resources stock in a transaction dated Wednesday, March 5th. The shares were bought at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the purchase, the director now owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.63% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. TD Cowen raised their price objective on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a research note on Monday, December 9th. Barclays lowered their price objective on shares of 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 assumed coverage on shares of California Resources in a research note on Monday, January 13th. They issued a “buy” rating and a $75.00 price objective on the stock. Finally, JPMorgan Chase & Co. assumed coverage on shares of California Resources in a research note on Friday, December 20th. They issued a “neutral” rating and a $63.00 price objective on the stock. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, California Resources currently has an average rating of “Moderate Buy” and a consensus target price of $67.08.

About California Resources

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.