Cubist Systematic Strategies LLC Takes Position in California Resources Co. (NYSE:CRC)

Cubist Systematic Strategies LLC bought a new position in shares of California Resources Co. (NYSE:CRC) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 102,386 shares of the oil and gas producer’s stock, valued at approximately $5,313,000. Cubist Systematic Strategies LLC owned 0.11% of California Resources at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in CRC. Vanguard Group Inc. boosted its position in shares of 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 acquiring an additional 225,620 shares during the last quarter. First Trust Advisors LP raised its stake in California Resources by 14.2% during the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock worth $353,800,000 after purchasing an additional 845,694 shares during the period. American Century Companies Inc. boosted its holdings in shares of California Resources by 14.2% in the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer’s stock valued at $120,785,000 after purchasing an additional 290,263 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of California Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer’s stock valued at $83,344,000 after buying an additional 13,116 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of California Resources by 5.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,031,816 shares of the oil and gas producer’s stock worth $53,541,000 after buying an additional 57,614 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CRC. Royal Bank of Canada reduced their target price on California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, April 11th. Citigroup lowered California Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $62.00 to $36.00 in a research note on Monday, April 7th. Truist Financial raised shares of California Resources to a “strong-buy” rating in a research report on Tuesday. Barclays reduced their price target on shares of California Resources from $55.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 23rd. Finally, UBS Group increased their price objective on shares of California Resources from $49.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday. Four analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $59.73.

Insider Transactions at California Resources

In related news, Director James N. Chapman purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were purchased at an average cost of $39.42 per share, with a total value of $78,840.00. Following the completion of the acquisition, the director now directly owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. The trade was a 4.83 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.03% of the company’s stock.

California Resources Stock Performance

California Resources stock opened at $40.75 on Friday. California Resources Co. has a 12-month low of $30.97 and a 12-month 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 company has a market capitalization of $3.69 billion, a price-to-earnings ratio of 6.42, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. The firm’s fifty day moving average price is $38.83 and its 200 day moving average price is $47.82.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.24. The business had revenue of $912.00 million for the quarter, compared to analyst estimates of $862.14 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company’s revenue for the quarter was up 100.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.75 earnings per share. On average, research analysts forecast that California Resources Co. will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 3.80%. The ex-dividend date is Friday, May 30th. California Resources’s dividend payout ratio (DPR) is currently 28.13%.

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.