Tidal Investments LLC Boosts Stock Holdings in California Resources Co. (NYSE:CRC)

Tidal Investments LLC grew its position in shares of California Resources Co. (NYSE:CRC) by 475.8% during the third quarter, Holdings Channel.com reports. The fund owned 30,231 shares of the oil and gas producer’s stock after purchasing an additional 24,981 shares during the quarter. Tidal Investments LLC’s holdings in California Resources were worth $1,586,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 371 shares during the last quarter. Point72 DIFC Ltd purchased a new position in California Resources during the 3rd quarter worth $70,000. KBC Group NV boosted its holdings in shares of California Resources by 29.1% in the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after buying an additional 431 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of California Resources by 9.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after buying an additional 276 shares during the last quarter. Finally, Atria Investments Inc purchased a new position in shares of California Resources in the 3rd quarter worth about $209,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Trading Down 1.0 %

Shares of CRC opened at $53.29 on Wednesday. The business’s 50-day moving average price is $55.11 and its 200-day moving average price is $52.08. California Resources Co. has a twelve month low of $43.09 and a twelve month high of $60.41. The stock has a market cap of $4.87 billion, a PE ratio of 8.39, a P/E/G ratio of 1.35 and a beta of 1.01. 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 announced its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $973.13 million. During the same period in the prior year, the business posted $1.02 earnings per share. The company’s revenue was up 194.1% on a year-over-year basis. On average, equities analysts forecast that California Resources Co. will post 3.58 EPS for the current fiscal year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend was Monday, December 2nd. California Resources’s dividend payout ratio is presently 24.41%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CRC. TD Cowen boosted their price target on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. StockNews.com raised shares of California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. UBS Group began coverage on shares of California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price target on the stock. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Finally, Citigroup boosted their price objective on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, California Resources presently has an average rating of “Moderate Buy” and a consensus price target of $66.40.

Insider Activity

In related news, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the transaction, the executive vice president now directly owns 30,940 shares in the company, valued at approximately $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the transaction, the vice president now owns 8,531 shares in the company, valued at approximately $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

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.