Jennison Associates LLC Acquires 27,907 Shares of California Resources Corporation (NYSE:CRC)

Jennison Associates LLC increased its position in shares of California Resources Corporation (NYSE:CRC - Free Report) by 13.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 242,343 shares of the oil and gas producer's stock after acquiring an additional 27,907 shares during the period. Jennison Associates LLC owned about 0.27% of California Resources worth $10,656,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. First Trust Advisors LP grew its position in California Resources by 14.2% in the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer's stock worth $353,800,000 after acquiring an additional 845,694 shares in the last quarter. Palo Duro Investment Partners LP bought a new position in shares of California Resources during the 4th quarter valued at $20,752,000. American Century Companies Inc. lifted its stake in shares of California Resources by 14.2% in the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer's stock valued at $120,785,000 after purchasing an additional 290,263 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in California Resources by 285.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 318,593 shares of the oil and gas producer's stock worth $16,532,000 after purchasing an additional 235,955 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in California Resources by 158.7% in the fourth quarter. JPMorgan Chase & Co. now owns 374,793 shares of the oil and gas producer's stock worth $19,448,000 after purchasing an additional 229,940 shares in the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Price Performance

Shares of California Resources stock traded up $0.67 during midday trading on Thursday, hitting $50.01. 898,346 shares of the company were exchanged, compared to its average volume of 955,216. The firm has a 50 day simple moving average of $45.85 and a 200-day simple moving average of $44.37. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.83 and a quick ratio of 0.74. The firm has a market cap of $4.46 billion, a P/E ratio of 9.08 and a beta of 1.16. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.24. California Resources had a return on equity of 11.45% and a net margin of 13.70%. The company had revenue of $912.00 million during the quarter, compared to analysts' expectations of $862.14 million. During the same period last year, the business earned $0.75 earnings per share. The business's revenue was up 100.9% on a year-over-year basis. Research analysts forecast that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were issued a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Friday, May 30th. California Resources's dividend payout ratio is currently 28.13%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. UBS Group set a $58.00 price target on California Resources and gave the company a "buy" rating in a report on Monday, July 14th. JPMorgan Chase & Co. raised shares of California Resources from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $60.00 to $63.00 in a report on Tuesday, July 15th. Citigroup raised their target price on shares of California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Truist Financial raised shares of California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Finally, Royal Bank Of Canada decreased 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. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $62.27.

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.