California Resources Co. (NYSE:CRC) Shares Purchased by Gallacher Capital Management LLC

Gallacher Capital Management LLC raised its position in California Resources Co. (NYSE:CRC) by 159.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 9,789 shares of the oil and gas producer’s stock after purchasing an additional 6,022 shares during the period. Gallacher Capital Management LLC’s holdings in California Resources were worth $535,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC raised its stake in California Resources by 1.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 14,395 shares of the oil and gas producer’s stock worth $787,000 after purchasing an additional 205 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of California Resources by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 44,054 shares of the oil and gas producer’s stock valued at $2,467,000 after buying an additional 242 shares during the period. Assetmark Inc. lifted its holdings in California Resources by 16.3% in the third quarter. Assetmark Inc. now owns 2,525 shares of the oil and gas producer’s stock valued at $141,000 after acquiring an additional 353 shares during the last quarter. Diversified Trust Co grew its position in 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 acquiring an additional 708 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in shares of California Resources during the 3rd quarter worth about $45,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on CRC shares. Stifel Nicolaus boosted their price target on shares of California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Mizuho lowered 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. Barclays began coverage on California Resources in a report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price target for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $70.00 price target on shares of California Resources in a research note on Wednesday, March 6th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $63.57.

California Resources Stock Up 0.3 %

CRC traded up $0.18 on Friday, reaching $51.68. The company’s stock had a trading volume of 460,180 shares, compared to its average volume of 509,704. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.39. California Resources Co. has a 1 year low of $37.21 and a 1 year high of $58.44. The business’s 50 day moving average is $53.95 and its 200 day moving average is $52.62. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of 6.69 and a beta of 1.03.

California Resources (NYSE:CRC) last released its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.08). California Resources had a return on equity of 17.57% and a net margin of 20.14%. The company had revenue of $726.00 million during the quarter, compared to the consensus estimate of $553.47 million. During the same period in the previous year, the firm posted $1.24 EPS. California Resources’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, research analysts forecast that California Resources Co. will post 4.64 EPS 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 given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.40%. The ex-dividend date was Tuesday, March 5th. California Resources’s dividend payout ratio is currently 16.06%.

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.