Jennison Associates LLC Buys Shares of 102,140 California Resources Co. (NYSE:CRC)

Jennison Associates LLC bought a new stake in shares of California Resources Co. (NYSE:CRC) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 102,140 shares of the oil and gas producer’s stock, valued at approximately $5,585,000. Jennison Associates LLC owned approximately 0.15% of California Resources at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC raised its stake in California Resources by 1.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 14,395 shares of the oil and gas producer’s stock valued at $787,000 after acquiring an additional 205 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of California Resources by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 44,054 shares of the oil and gas producer’s stock valued at $2,467,000 after purchasing an additional 242 shares during the period. Assetmark Inc. increased its position in shares of California Resources by 16.3% during the 3rd quarter. Assetmark Inc. now owns 2,525 shares of the oil and gas producer’s stock valued at $141,000 after purchasing an additional 353 shares during the period. Diversified Trust Co increased its position in shares of California Resources by 6.9% during the 4th quarter. Diversified Trust Co now owns 10,991 shares of the oil and gas producer’s stock valued at $601,000 after purchasing an additional 708 shares during the period. Finally, Headlands Technologies LLC acquired a new position in shares of California Resources during the 3rd quarter valued at $45,000. Institutional investors own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Stifel Nicolaus lifted their target price on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a report on Tuesday. Bank of America cut California Resources from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $64.00 to $60.00 in a report on Friday, January 5th. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 target price on shares of California Resources in a report on Wednesday, March 6th. Mizuho decreased their target price on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Finally, Barclays assumed coverage on California Resources in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $63.57.

California Resources Price Performance

CRC opened at $54.90 on Friday. The stock has a market cap of $3.77 billion, a price-to-earnings ratio of 7.11 and a beta of 1.02. California Resources Co. has a 1 year low of $37.21 and a 1 year high of $58.44. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.24. The stock has a fifty day moving average price of $54.11 and a 200 day moving average price of $52.74.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). The firm had revenue of $726.00 million for the quarter, compared to analyst estimates of $553.47 million. California Resources had a net margin of 20.14% and a return on equity of 17.57%. California Resources’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.24 EPS. Analysts forecast that California Resources Co. will post 4.64 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 18th. Shareholders of record on Wednesday, March 6th were given a $0.31 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.26%. California Resources’s dividend payout ratio is currently 16.06%.

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.