Cibc World Markets Corp Acquires Shares of 6,455 California Resources Co. (NYSE:CRC)

Cibc World Markets Corp bought a new position in shares of California Resources Co. (NYSE:CRC) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 6,455 shares of the oil and gas producer’s stock, valued at approximately $335,000.

A number of other institutional investors also recently modified their holdings of CRC. R Squared Ltd acquired a new position in California Resources during the fourth quarter worth $31,000. Smartleaf Asset Management LLC raised its holdings in shares of California Resources by 331.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock worth $53,000 after acquiring an additional 812 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in California Resources by 71.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after acquiring an additional 454 shares in the last quarter. GAMMA Investing LLC lifted its position in California Resources by 22.8% in the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock valued at $62,000 after acquiring an additional 222 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new position in California Resources during the 3rd quarter valued at about $70,000. 97.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at California Resources

In other California Resources news, Director James N. Chapman purchased 2,000 shares of the stock in a transaction on Wednesday, March 5th. The shares were purchased at an average price of $39.42 per share, with a total value of $78,840.00. Following the acquisition, the director now directly owns 43,445 shares in the company, valued at approximately $1,712,601.90. The trade was a 4.83 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.03% of the company’s stock.

California Resources Stock Performance

NYSE CRC opened at $44.11 on Tuesday. The firm has a market cap of $4.00 billion, a P/E ratio of 6.95, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. The company’s 50 day moving average is $47.20 and its 200-day moving average is $51.29. California Resources Co. has a 12-month low of $38.02 and a 12-month 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 posted its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $877.00 million for the quarter, compared to analysts’ expectations of $901.36 million. Sell-side analysts predict that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 3.51%. The ex-dividend date was Monday, March 10th. California Resources’s dividend payout ratio is presently 37.71%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CRC. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 target price on shares of California Resources in a report on Tuesday, January 14th. Truist Financial initiated coverage on California Resources in a research note on Monday, January 13th. They set a “buy” rating and a $75.00 price objective on the stock. TD Cowen boosted their target price on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Barclays reduced their price objective on California Resources from $57.00 to $55.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Finally, Capital One Financial raised shares of California Resources to a “strong-buy” rating in a report on Monday, December 9th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $67.08.

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.