Landscape Capital Management L.L.C. Acquires New Position in California Resources Co. (NYSE:CRC)

Landscape Capital Management L.L.C. bought a new position in shares of California Resources Co. (NYSE:CRC) during the 4th quarter, HoldingsChannel.com reports. The fund bought 17,562 shares of the oil and gas producer’s stock, valued at approximately $911,000.

A number of other hedge funds also recently added to or reduced their stakes in CRC. ExodusPoint Capital Management LP purchased a new stake in shares of California Resources during the fourth quarter worth $10,014,000. Trexquant Investment LP purchased a new stake in California Resources during the 4th quarter worth about $457,000. Geode Capital Management LLC raised its position 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 purchasing an additional 13,116 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of California Resources by 11.9% in the 4th quarter. Franklin Resources Inc. now owns 9,867 shares of the oil and gas producer’s stock valued at $512,000 after buying an additional 1,053 shares during the period. Finally, O Shaughnessy Asset Management LLC increased its stake in shares of California Resources by 5.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 6,929 shares of the oil and gas producer’s stock worth $360,000 after buying an additional 372 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at California Resources

In related news, Director James N. Chapman bought 2,000 shares of the stock in a transaction on Wednesday, March 5th. The shares were bought at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the purchase, the director now 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 acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.03% of the stock is currently owned by insiders.

California Resources Price Performance

Shares of NYSE CRC opened at $34.80 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock has a market cap of $3.15 billion, a P/E ratio of 5.48, a P/E/G ratio of 1.02 and a beta of 1.03. The stock has a 50 day moving average of $45.26 and a two-hundred day moving average of $50.88. California Resources Co. has a twelve month low of $34.43 and a twelve month high of $60.41.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). The business had revenue of $877.00 million for the quarter, compared to analyst estimates of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. On average, research analysts forecast that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date was Monday, March 10th. California Resources’s dividend payout ratio is currently 37.71%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CRC shares. Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a research note on Monday, December 9th. JPMorgan Chase & Co. started coverage on shares of California Resources in a research note on Friday, December 20th. They set a “neutral” rating and a $63.00 target price for the company. Barclays cut their price target on California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $68.00 price objective on shares of California Resources in a research report on Thursday, March 27th. Finally, Truist Financial began coverage on California Resources in a research report on Monday, January 13th. They set a “buy” rating and a $75.00 target price on the stock. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $66.92.

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.