Sherbrooke Park Advisers LLC Invests $311,000 in California Resources Co. (NYSE:CRC)

Sherbrooke Park Advisers LLC purchased a new stake in California Resources Co. (NYSE:CRC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 6,000 shares of the oil and gas producer's stock, valued at approximately $311,000.

A number of other hedge funds have also recently made changes to their positions in the company. R Squared Ltd purchased a new stake in shares of California Resources in the fourth quarter worth $31,000. Smartleaf Asset Management LLC increased its stake in 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 raised its holdings in shares of 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. Lazard Asset Management LLC raised its holdings in shares of California Resources by 52,366.7% in the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock valued at $81,000 after acquiring an additional 1,571 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in shares of California Resources by 518.4% during the 4th quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer's stock valued at $88,000 after acquiring an additional 1,410 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on CRC. Citigroup upped their price objective on shares of California Resources from $36.00 to $44.00 and gave the stock a "neutral" rating in a research report on Monday. Truist Financial raised shares of California Resources to a "strong-buy" rating in a report on Tuesday, May 6th. Mizuho lowered their price objective on shares of California Resources from $64.00 to $60.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Wall Street Zen lowered shares of California Resources from a "buy" rating to a "hold" rating in a research report on Tuesday. Finally, Bank of America reduced their target price on California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $60.36.

California Resources Trading Down 0.4%

California Resources stock traded down $0.16 during mid-day trading on Thursday, hitting $42.25. The company's stock had a trading volume of 628,305 shares, compared to its average volume of 870,621. The business has a 50 day moving average price of $39.03 and a 200-day moving average price of $47.22. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources Co. has a 12 month low of $30.97 and a 12 month high of $60.41. The stock has a market cap of $3.77 billion, a price-to-earnings ratio of 6.65, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC - Get Free Report) last released its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.24. The company had revenue of $912.00 million during the quarter, compared to analyst estimates of $862.14 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. California Resources's revenue for the quarter was up 100.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.75 EPS. As a group, analysts forecast that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be given a $0.3875 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.55 annualized dividend and a yield of 3.67%. California Resources's payout ratio is currently 28.13%.

Insider Activity

In other news, Director James N. Chapman bought 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The shares were bought at an average cost of $39.42 per share, with a total value of $78,840.00. Following the completion of the purchase, the director now directly owns 43,445 shares in the company, valued at $1,712,601.90. This represents a 4.83% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.03% of the company's stock.

California Resources 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.