J. Safra Sarasin Holding AG Buys Shares of 10,137 California Resources Corporation $CRC

by · The Markets Daily

J. Safra Sarasin Holding AG purchased a new position in shares of California Resources Corporation (NYSE:CRC – Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,137 shares of the oil and gas producer’s stock, valued at approximately $539,000.

Other institutional investors have also recently made changes to their positions in the company. American Century Companies Inc. lifted its stake in California Resources by 10.5% in the second quarter. American Century Companies Inc. now owns 2,846,722 shares of the oil and gas producer’s stock worth $130,010,000 after acquiring an additional 270,562 shares during the period. Sourcerock Group LLC lifted its position in shares of California Resources by 63.8% in the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after purchasing an additional 779,280 shares during the period. Grantham Mayo Van Otterloo & Co. LLC boosted its stake in shares of California Resources by 6.1% during the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,289,479 shares of the oil and gas producer’s stock valued at $58,891,000 after purchasing an additional 73,885 shares in the last quarter. Invesco Ltd. increased its holdings in California Resources by 155.8% during the second quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock valued at $48,527,000 after buying an additional 647,190 shares during the period. Finally, DAVENPORT & Co LLC increased its holdings in California Resources by 1.6% during the second quarter. DAVENPORT & Co LLC now owns 800,601 shares of the oil and gas producer’s stock valued at $36,563,000 after buying an additional 12,315 shares during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Trading Up 3.0%

NYSE CRC opened at $52.38 on Friday. The company has a fifty day simple moving average of $46.73 and a two-hundred day simple moving average of $48.67. California Resources Corporation has a 12-month low of $30.97 and a 12-month high of $58.41. The company has a current ratio of 0.89, a quick ratio of 0.78 and a debt-to-equity ratio of 0.26. The stock has a market cap of $4.39 billion, a P/E ratio of 12.18 and a beta of 1.15.

California Resources (NYSE:CRC – Get Free Report) last announced its quarterly earnings data on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.15. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The business had revenue of $855.00 million for the quarter, compared to analyst estimates of $888.58 million. During the same period in the prior year, the company earned $1.50 earnings per share. The company’s revenue was down 36.8% on a year-over-year basis. On average, analysts forecast that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were paid a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Monday, December 1st. This is an increase from California Resources’s previous quarterly dividend of $0.39. California Resources’s dividend payout ratio (DPR) is 37.67%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CRC shares. Weiss Ratings restated a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Pickering Energy Partners cut California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Zacks Research lowered California Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 1st. Royal Bank Of Canada set a $70.00 price target on shares of California Resources in a research report on Monday, January 5th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of California Resources from $64.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $63.90.

Get Our Latest Research Report on CRC

About California Resources

(Free Report)

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.

Featured Articles

Want to see what other hedge funds are holding CRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for California Resources Corporation (NYSE:CRC – Free Report).