Two Sigma Investments LP Cuts Stake in California Resources Co. (NYSE:CRC)

Two Sigma Investments LP lowered its position in California Resources Co. (NYSE:CRC - Free Report) by 37.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,327 shares of the oil and gas producer's stock after selling 44,797 shares during the period. Two Sigma Investments LP owned approximately 0.08% of California Resources worth $3,805,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Nisa Investment Advisors LLC grew its holdings in California Resources by 71.6% during 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 buying an additional 454 shares during the last quarter. Blue Trust Inc. grew its holdings in 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 buying an additional 1,410 shares during the last quarter. KBC Group NV grew its holdings in California Resources by 32.3% during the 4th quarter. KBC Group NV now owns 2,526 shares of the oil and gas producer's stock valued at $131,000 after buying an additional 616 shares during the last quarter. R Squared Ltd acquired a new stake in California Resources during the 4th quarter valued at $31,000. Finally, DAVENPORT & Co LLC grew its holdings in California Resources by 3.7% during the 4th quarter. DAVENPORT & Co LLC now owns 731,712 shares of the oil and gas producer's stock valued at $37,969,000 after buying an additional 26,026 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Trading Up 2.0%

California Resources stock traded up $0.86 during midday trading on Monday, reaching $45.03. The stock had a trading volume of 1,803,093 shares, compared to its average volume of 876,716. California Resources Co. has a twelve month low of $30.97 and a twelve month high of $60.41. The stock has a market capitalization of $4.02 billion, a PE ratio of 7.09, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The stock's 50-day simple moving average is $38.85 and its 200 day simple moving average is $46.31.

California Resources (NYSE:CRC - Get Free Report) last issued 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. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm had revenue of $912.00 million for the quarter, compared to analysts' expectations of $862.14 million. During the same quarter last year, the firm earned $0.75 earnings per share. The firm's revenue for the quarter was up 100.9% compared to the same quarter last year. Analysts expect that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date is Friday, May 30th. California Resources's payout ratio is currently 28.13%.

Insider Activity at California Resources

In other news, Director James N. Chapman bought 2,000 shares of California Resources stock in a transaction that occurred on Wednesday, March 5th. The shares were purchased at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the acquisition, the director now owns 43,445 shares of the company's stock, valued at $1,712,601.90. The trade was a 4.83% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.03% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CRC. Bank of America lowered 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. UBS Group increased their target price on California Resources from $49.00 to $51.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Truist Financial upgraded California Resources to a "strong-buy" rating in a report on Tuesday, May 6th. Barclays upgraded California Resources from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $50.00 to $60.00 in a report on Friday. Finally, Mizuho decreased their price objective on California Resources from $64.00 to $60.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, California Resources presently has a consensus rating of "Moderate Buy" and an average target price of $61.27.

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.