Balyasny Asset Management L.P. Has $16.53 Million Holdings in California Resources Co. (NYSE:CRC)

Balyasny Asset Management L.P. lifted its stake in shares of California Resources Co. (NYSE:CRC - Free Report) by 285.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 318,593 shares of the oil and gas producer's stock after acquiring an additional 235,955 shares during the quarter. Balyasny Asset Management L.P. owned about 0.35% of California Resources worth $16,532,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. BNP Paribas Financial Markets acquired a new position in California Resources during the fourth quarter valued at approximately $1,446,000. Gallagher Fiduciary Advisors LLC acquired a new position in California Resources during the 4th quarter worth $234,000. Comerica Bank boosted its holdings in California Resources by 2.9% during the fourth quarter. Comerica Bank now owns 31,374 shares of the oil and gas producer's stock valued at $1,628,000 after acquiring an additional 898 shares during the period. Schonfeld Strategic Advisors LLC acquired a new stake in shares of California Resources in the fourth quarter valued at about $210,000. Finally, Northern Trust Corp increased its stake in shares of California Resources by 6.1% in the fourth quarter. Northern Trust Corp now owns 854,661 shares of the oil and gas producer's stock worth $44,348,000 after purchasing an additional 48,858 shares during the period. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Stock Performance

California Resources stock opened at $38.52 on Thursday. California Resources Co. has a 12-month low of $30.97 and a 12-month high of $60.41. The stock has a 50-day simple moving average of $38.81 and a 200 day simple moving average of $47.89. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $3.49 billion, a price-to-earnings ratio of 6.07, a P/E/G ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC - Get Free Report) last announced its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.83 by $0.24. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $912.00 million for the quarter, compared to analyst estimates of $862.14 million. During the same period in the prior year, the business earned $0.75 earnings per share. California Resources's quarterly revenue was up 100.9% on a year-over-year basis. On average, research analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date is Friday, May 30th. California Resources's dividend payout ratio (DPR) is currently 37.71%.

Analysts Set New Price Targets

Several brokerages have commented on CRC. Truist Financial assumed coverage on California Resources in a research report on Monday, January 13th. They issued a "buy" rating and a $75.00 price target on the stock. Royal Bank of Canada reduced their price target on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a report on Friday, April 11th. Citigroup downgraded shares of California Resources from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $62.00 to $36.00 in a report on Monday, April 7th. Bank of America reduced their target price on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Finally, Barclays cut their price target on California Resources from $55.00 to $47.00 and set an "equal weight" rating for the company in a report on Wednesday, April 23rd. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $61.27.

Insider Transactions at California Resources

In related news, Director James N. Chapman bought 2,000 shares of the firm's stock in a transaction dated Wednesday, March 5th. The stock was bought at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the transaction, the director now owns 43,445 shares of the company's stock, valued at $1,712,601.90. This represents a 4.83 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.03% of the stock is owned by corporate insiders.

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.

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