Palo Duro Investment Partners LP Invests $20.75 Million in California Resources Co. (NYSE:CRC)

Palo Duro Investment Partners LP bought a new stake in shares of California Resources Co. (NYSE:CRC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 399,929 shares of the oil and gas producer's stock, valued at approximately $20,752,000. California Resources comprises 6.1% of Palo Duro Investment Partners LP's investment portfolio, making the stock its 6th largest position. Palo Duro Investment Partners LP owned approximately 0.44% of California Resources at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in California Resources by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer's stock valued at $484,953,000 after buying an additional 225,620 shares during the period. 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 buying an additional 845,694 shares during the period. American Century Companies Inc. increased its stake in 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 buying an additional 290,263 shares during the period. Geode Capital Management LLC increased its stake in California Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer's stock valued at $83,344,000 after buying an additional 13,116 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in California Resources by 5.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,031,816 shares of the oil and gas producer's stock valued at $53,541,000 after buying an additional 57,614 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Stock Performance

California Resources stock traded up $0.39 during mid-day trading on Monday, reaching $42.99. The company had a trading volume of 473,689 shares, compared to its average volume of 954,256. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. California Resources Co. has a 52 week low of $30.97 and a 52 week high of $60.41. The company has a 50 day moving average of $39.01 and a 200-day moving average of $47.34. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 6.77, a PEG ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly 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 firm had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business's revenue was up 100.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.75 EPS. On average, sell-side analysts expect that California Resources Co. will post 3.85 EPS for the current fiscal 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 given a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date is Friday, May 30th. California Resources's dividend payout ratio (DPR) is currently 28.13%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CRC. Bank of America dropped their price target on shares of California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. StockNews.com upgraded shares of California Resources from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Roth Capital restated a "buy" rating on shares of California Resources in a research note on Wednesday, May 7th. UBS Group increased their price target on shares of California Resources from $49.00 to $51.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, Truist Financial upgraded shares of California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Three investment 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 data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.36.

Insider Buying and Selling

In other news, Director James N. Chapman bought 2,000 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The stock was acquired at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the transaction, the director now directly owns 43,445 shares of the company's stock, valued at $1,712,601.90. This trade represents a 4.83% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.03% of the stock is currently owned by corporate insiders.

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.