Public Sector Pension Investment Board Acquires 6,400 Shares of California Resources Co. (NYSE:CRC)

Public Sector Pension Investment Board increased its holdings in California Resources Co. (NYSE:CRC) by 4.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 147,611 shares of the oil and gas producer’s stock after buying an additional 6,400 shares during the period. Public Sector Pension Investment Board’s holdings in California Resources were worth $7,745,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of CRC. Lazard Asset Management LLC boosted its holdings in California Resources by 3.7% in the 1st quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock worth $390,000 after buying an additional 253 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in California Resources by 6.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 42,495 shares of the oil and gas producer’s stock valued at $2,342,000 after purchasing an additional 2,475 shares during the period. Comerica Bank boosted its holdings in California Resources by 7.4% in the 1st quarter. Comerica Bank now owns 32,209 shares of the oil and gas producer’s stock valued at $1,775,000 after purchasing an additional 2,208 shares during the period. AlphaMark Advisors LLC bought a new position in California Resources in the 2nd quarter valued at $320,000. Finally, Hennessy Advisors Inc. boosted its holdings in California Resources by 18.1% in the 2nd quarter. Hennessy Advisors Inc. now owns 510,400 shares of the oil and gas producer’s stock valued at $27,163,000 after purchasing an additional 78,200 shares during the period. 97.79% of the stock is owned by institutional investors.

Insider Buying and Selling at California Resources

In other California Resources news, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value 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 trade was a 4.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the transaction, the vice president now owns 17,301 shares in the company, valued at $916,953. The trade was a 36.63 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,270 shares of company stock worth $1,387,778. 0.03% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CRC has been the subject of several analyst reports. UBS Group initiated coverage on shares of California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price target for the company. Jefferies Financial Group assumed coverage on shares of California Resources in a report on Thursday, October 24th. They issued a “buy” rating and a $64.00 price target for the company. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Barclays lifted their price objective on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price objective on shares of California Resources in a report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.40.

California Resources Price Performance

Shares of NYSE:CRC opened at $59.16 on Friday. The stock has a market cap of $4.02 billion, a PE ratio of 9.32, a PEG ratio of 1.45 and a beta of 0.98. The company’s fifty day moving average is $54.36 and its 200 day moving average is $51.32. California Resources Co. has a 52 week low of $43.09 and a 52 week 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.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm’s revenue was up 194.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.02 EPS. Research analysts anticipate that California Resources Co. will post 3.42 earnings per share for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend is Monday, December 2nd. California Resources’s payout ratio is 24.41%.

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.