102,140 Shares in California Resources Co. (NYSE:CRC) Bought by Jennison Associates LLC

Jennison Associates LLC acquired a new position in California Resources Co. (NYSE:CRC - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 102,140 shares of the oil and gas producer's stock, valued at approximately $5,585,000. Jennison Associates LLC owned about 0.15% of California Resources as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Exchange Traded Concepts LLC increased its stake in shares of California Resources by 1.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 14,395 shares of the oil and gas producer's stock worth $787,000 after buying an additional 205 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of California Resources by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 44,054 shares of the oil and gas producer's stock worth $2,467,000 after buying an additional 242 shares during the period. Assetmark Inc. increased its stake in shares of California Resources by 16.3% in the third quarter. Assetmark Inc. now owns 2,525 shares of the oil and gas producer's stock worth $141,000 after buying an additional 353 shares during the period. Diversified Trust Co increased its stake in shares of California Resources by 6.9% in the fourth quarter. Diversified Trust Co now owns 10,991 shares of the oil and gas producer's stock worth $601,000 after buying an additional 708 shares during the period. Finally, Headlands Technologies LLC purchased a new position in shares of California Resources in the third quarter worth $45,000. 97.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CRC has been the topic of a number of research analyst reports. Royal Bank of Canada reissued an "outperform" rating and set a $70.00 price objective on shares of California Resources in a research report on Wednesday, March 6th. Stifel Nicolaus boosted their price objective on shares of California Resources from $68.00 to $69.00 and gave the company a "buy" rating in a research report on Tuesday. Barclays initiated coverage on shares of California Resources in a research report on Wednesday, April 10th. They set an "equal weight" rating and a $62.00 price objective on the stock. Mizuho reduced their price objective on shares of California Resources from $69.00 to $63.00 and set a "buy" rating on the stock in a research report on Friday, March 22nd. Finally, Bank of America downgraded shares of California Resources from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $64.00 to $60.00 in a research report on Friday, January 5th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $63.57.

California Resources Stock Down 0.7 %

Shares of CRC stock traded down $0.36 during mid-day trading on Friday, reaching $54.90. 299,069 shares of the company's stock traded hands, compared to its average volume of 539,349. California Resources Co. has a 12 month low of $37.21 and a 12 month high of $58.44. The company has a market cap of $3.77 billion, a P/E ratio of 7.11 and a beta of 1.02. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24. The company's 50-day moving average price is $54.11 and its 200-day moving average price is $52.72.

California Resources (NYSE:CRC - Get Free Report) last announced its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing analysts' consensus estimates of $1.01 by ($0.08). California Resources had a net margin of 20.14% and a return on equity of 17.57%. The business had revenue of $726.00 million for the quarter, compared to the consensus estimate of $553.47 million. During the same quarter last year, the firm posted $1.24 EPS. The business's quarterly revenue was up 6.5% on a year-over-year basis. On average, equities analysts expect that California Resources Co. will post 4.64 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend was Tuesday, March 5th. California Resources's payout ratio is 16.06%.

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.