California Resources Co. (NYSE:CRC) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC boosted its stake in shares of California Resources Co. (NYSE:CRC - Free Report) by 4,120.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,478 shares of the oil and gas producer's stock after purchasing an additional 49,282 shares during the quarter. GAMMA Investing LLC owned approximately 0.06% of California Resources worth $2,220,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. grew its stake in California Resources by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer's stock worth $484,953,000 after buying an additional 225,620 shares during the last quarter. First Trust Advisors LP increased its stake in California Resources by 14.2% in the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer's stock valued at $353,800,000 after purchasing an additional 845,694 shares in the last quarter. American Century Companies Inc. increased its position in California Resources by 14.2% during the fourth quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer's stock worth $120,785,000 after buying an additional 290,263 shares in the last quarter. Geode Capital Management LLC increased its position in California Resources by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer's stock worth $83,344,000 after buying an additional 13,116 shares in the last quarter. Finally, Sourcerock Group LLC increased its position in California Resources by 6.5% during the fourth quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer's stock worth $56,298,000 after buying an additional 65,981 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Stock Up 2.2%

Shares of NYSE:CRC traded up $1.01 during trading on Friday, hitting $47.27. The company's stock had a trading volume of 911,603 shares, compared to its average volume of 864,105. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. California Resources Co. has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The stock's 50-day moving average price is $39.73 and its two-hundred day moving average price is $45.67. The company has a market capitalization of $4.22 billion, a PE ratio of 7.44, a PEG ratio of 1.02 and a beta of 1.17.

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

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend was Friday, May 30th. California Resources's dividend payout ratio (DPR) is 28.13%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Truist Financial upgraded California Resources to a "strong-buy" rating in a report on Tuesday, May 6th. Wall Street Zen cut California Resources from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. 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 report on Tuesday, April 29th. Mizuho reduced their price objective on California Resources from $64.00 to $60.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Finally, Roth Capital restated a "buy" rating on shares of California Resources in a research note on Wednesday, May 7th. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $61.27.

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.