Jennison Associates LLC Increases Stock Holdings in California Resources Co. (NYSE:CRC)

Jennison Associates LLC boosted its position in shares of California Resources Co. (NYSE:CRC) by 7.9% during the third quarter, Holdings Channel.com reports. The firm owned 151,098 shares of the oil and gas producer’s stock after buying an additional 11,106 shares during the quarter. Jennison Associates LLC’s holdings in California Resources were worth $7,928,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Quest Partners LLC acquired a new stake in shares of California Resources during the 3rd quarter worth approximately $499,000. Swiss National Bank grew its position in California Resources by 12.7% in the third quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer’s stock worth $6,396,000 after acquiring an additional 13,700 shares during the period. Natixis Advisors LLC acquired a new stake in California Resources during the third quarter worth $579,000. KBC Group NV raised its position in California Resources by 29.1% in the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after purchasing an additional 431 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in shares of California Resources in the 3rd quarter valued at $682,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Stock Up 0.0 %

Shares of NYSE CRC opened at $59.59 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock has a market cap of $4.04 billion, a P/E ratio of 9.38, a PEG ratio of 1.43 and a beta of 0.98. The business’s fifty day simple moving average is $53.86 and its 200-day simple moving average is $51.10. California Resources Co. has a 12-month low of $43.09 and a 12-month high of $60.41.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company’s revenue was up 194.1% on a year-over-year basis. During the same period last year, the business earned $1.02 EPS. As a group, equities analysts predict that California Resources Co. will post 3.42 EPS for the current fiscal year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.3875 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a yield of 2.60%. California Resources’s payout ratio is currently 24.41%.

Insider Activity

In other news, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the sale, the vice president now owns 8,531 shares in the company, valued at approximately $475,603.25. The trade was a 50.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Francisco Leon sold 7,500 shares of the company’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 completion of the sale, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. This trade represents a 4.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,270 shares of company stock worth $1,387,778. Corporate insiders own 0.03% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. TD Cowen started coverage on shares of California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price target on shares of California Resources in a research note on Monday, August 12th. Barclays increased their price objective on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. UBS Group assumed coverage on California Resources in a research report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price on the stock. Finally, Stephens started coverage on California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, California Resources currently has an average rating of “Moderate Buy” and a consensus price target of $65.50.

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.