Trexquant Investment LP Acquires Shares of 8,811 California Resources Co. (NYSE:CRC)

Trexquant Investment LP purchased a new position in California Resources Co. (NYSE:CRC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,811 shares of the oil and gas producer’s stock, valued at approximately $457,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC increased its holdings in California Resources by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock valued at $83,583,000 after buying an additional 55,815 shares during the period. Entropy Technologies LP bought a new stake in California Resources during the fourth quarter worth $841,000. Bank of New York Mellon Corp boosted its holdings in shares of California Resources by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer’s stock valued at $38,350,000 after purchasing an additional 14,240 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of California Resources by 1.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer’s stock valued at $2,869,000 after purchasing an additional 649 shares during the last quarter. Finally, Empowered Funds LLC lifted its position in shares of California Resources by 84.3% during the 4th quarter. Empowered Funds LLC now owns 48,929 shares of the oil and gas producer’s stock worth $2,539,000 after buying an additional 22,383 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

Insider Buying and Selling

In related news, Director James N. Chapman acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were purchased at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the acquisition, the director now 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.03% of the stock is owned by insiders.

California Resources Trading Up 2.5 %

CRC opened at $34.32 on Friday. California Resources Co. has a twelve month low of $30.97 and a twelve month high of $60.41. The company has a fifty day moving average of $43.04 and a 200-day moving average of $49.99. The stock has a market cap of $3.11 billion, a PE ratio of 5.40, a price-to-earnings-growth ratio of 1.02 and a beta of 1.03. 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 quarterly earnings data on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.05). California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $877.00 million during the quarter, compared to the consensus estimate of $901.36 million. On average, sell-side analysts predict that California Resources Co. will post 3.85 EPS for the current year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were paid a $0.3875 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $1.55 annualized dividend and a dividend yield of 4.52%. California Resources’s dividend payout ratio is currently 37.71%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Truist Financial started coverage on California Resources in a research note on Monday, January 13th. They set a “buy” rating and a $75.00 target price for the company. JPMorgan Chase & Co. started coverage on shares of California Resources in a research report on Friday, December 20th. They issued a “neutral” rating and a $63.00 target price on the stock. Barclays lowered their price target on shares of California Resources from $57.00 to $55.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Citigroup downgraded California Resources from a “buy” rating to a “neutral” rating and cut their price objective for the company from $62.00 to $36.00 in a report on Monday, April 7th. Finally, Royal Bank of Canada dropped their target price on California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $63.83.

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.