Schonfeld Strategic Advisors LLC Makes New Investment in California Resources Co. (NYSE:CRC)

Schonfeld Strategic Advisors LLC acquired a new stake in California Resources Co. (NYSE:CRC) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 4,039 shares of the oil and gas producer’s stock, valued at approximately $210,000.

Other institutional investors also recently modified their holdings of the company. First Trust Advisors LP lifted its holdings in California Resources by 14.2% during the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock worth $353,800,000 after buying an additional 845,694 shares in the last quarter. American Century Companies Inc. raised its position in shares of California Resources by 14.2% during 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 during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of California Resources by 158.7% during the fourth quarter. JPMorgan Chase & Co. now owns 374,793 shares of the oil and gas producer’s stock valued at $19,448,000 after acquiring an additional 229,940 shares during the period. 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 valued at $484,953,000 after acquiring an additional 225,620 shares during the last quarter. Finally, ExodusPoint Capital Management LP acquired a new stake in California Resources in the fourth quarter worth about $10,014,000. 97.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CRC has been the topic of a number of research reports. Citigroup downgraded shares of California Resources from a “buy” rating to a “neutral” rating and cut their target price for the company from $62.00 to $36.00 in a research report on Monday, April 7th. UBS Group increased their price objective on shares of California Resources from $49.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, May 8th. Barclays lifted their target price on shares of California Resources from $47.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, May 9th. StockNews.com raised California Resources from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Bank of America reduced their price target on California Resources from $64.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, April 29th. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, California Resources presently has an average rating of “Moderate Buy” and an average target price of $59.64.

Insider Buying and Selling

In other California Resources news, Director James N. Chapman bought 2,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was purchased at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the purchase, the director now directly 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 acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.03% of the stock is currently owned by company insiders.

California Resources Stock Up 3.9%

Shares of CRC stock opened at $43.81 on Wednesday. California Resources Co. has a 52-week low of $30.97 and a 52-week high of $60.41. The stock has a market cap of $3.91 billion, a price-to-earnings ratio of 6.90, a PEG ratio of 1.02 and a beta of 1.06. The firm’s 50-day moving average is $38.95 and its 200-day moving average is $47.56. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.24. The business had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company’s quarterly revenue was up 100.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.75 EPS. Sell-side analysts predict that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be given a dividend of $0.3875 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.54%. California Resources’s payout ratio is 28.13%.

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.