CenterBook Partners LP Makes New Investment in California Resources Co. (NYSE:CRC)

CenterBook Partners LP purchased a new stake in shares of California Resources Co. (NYSE:CRC) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 78,864 shares of the oil and gas producer’s stock, valued at approximately $4,092,000. CenterBook Partners LP owned about 0.09% of California Resources at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. American Century Companies Inc. grew its position in California Resources by 14.2% in the fourth quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer’s stock worth $120,785,000 after acquiring an additional 290,263 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of California Resources by 158.7% in the 4th quarter. JPMorgan Chase & Co. now owns 374,793 shares of the oil and gas producer’s stock valued at $19,448,000 after purchasing an additional 229,940 shares during the last quarter. Vanguard Group Inc. boosted its holdings in California Resources by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer’s stock worth $484,953,000 after purchasing an additional 225,620 shares in the last quarter. ExodusPoint Capital Management LP acquired a new position in California Resources during the fourth quarter worth $10,014,000. Finally, State Street Corp raised its holdings in California Resources by 5.1% during the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock valued at $181,021,000 after buying an additional 168,278 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Stock Up 12.6 %

CRC stock opened at $36.49 on Thursday. California Resources Co. has a twelve month low of $30.97 and a twelve month 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 company has a market cap of $3.31 billion, a PE ratio of 5.75, a price-to-earnings-growth ratio of 1.02 and a beta of 1.03. The business’s 50-day simple moving average is $43.63 and its 200 day simple moving average is $50.25.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.05). The firm had revenue of $877.00 million for the quarter, compared to analyst estimates of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. On average, research analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were paid a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.25%. The ex-dividend date was Monday, March 10th. California Resources’s dividend payout ratio is 37.71%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Barclays decreased their price target on California Resources from $57.00 to $55.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Truist Financial started coverage on California Resources in a report on Monday, January 13th. They set a “buy” rating and a $75.00 price target on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $68.00 price target on shares of California Resources in a research report on Thursday, March 27th. Citigroup downgraded shares of California Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $62.00 to $36.00 in a report on Monday. Finally, JPMorgan Chase & Co. began coverage on shares of California Resources in a report on Friday, December 20th. They issued a “neutral” rating and a $63.00 target price on the stock. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, California Resources has a consensus rating of “Moderate Buy” and an average price target of $64.50.

Insider Activity

In other California Resources news, Director James N. Chapman bought 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average price of $39.42 per share, with a total value of $78,840.00. Following the completion of the purchase, the director now directly owns 43,445 shares in the company, valued at $1,712,601.90. The trade was a 4.83 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.03% 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.