Swiss National Bank grew its stake in shares of California Resources Co. (NYSE:CRC – Get Rating) by 36.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 129,900 shares of the oil and gas producer’s stock after acquiring an additional 34,900 shares during the period. Swiss National Bank owned 0.17% of California Resources worth $5,001,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Envestnet Asset Management Inc. acquired a new stake in shares of California Resources in the first quarter valued at approximately $668,000. Victory Capital Management Inc. raised its position in shares of California Resources by 13.8% in the first quarter. Victory Capital Management Inc. now owns 388,961 shares of the oil and gas producer’s stock valued at $17,322,000 after buying an additional 47,083 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of California Resources by 175.5% in the first quarter. Russell Investments Group Ltd. now owns 255,102 shares of the oil and gas producer’s stock valued at $11,424,000 after buying an additional 162,522 shares in the last quarter. New York State Common Retirement Fund raised its position in shares of California Resources by 5.5% in the first quarter. New York State Common Retirement Fund now owns 298,160 shares of the oil and gas producer’s stock valued at $13,337,000 after buying an additional 15,452 shares in the last quarter. Finally, Private Management Group Inc. raised its position in shares of California Resources by 576.7% in the first quarter. Private Management Group Inc. now owns 624,616 shares of the oil and gas producer’s stock valued at $27,939,000 after buying an additional 532,306 shares in the last quarter.
Analysts Set New Price Targets
CRC has been the subject of a number of analyst reports. TheStreet upgraded shares of California Resources from a “d” rating to a “c-” rating in a research report on Friday, August 19th. StockNews.com cut shares of California Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, October 19th. Bank of America raised shares of California Resources from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $49.00 to $58.00 in a research note on Tuesday, November 15th. Finally, Stifel Nicolaus initiated coverage on shares of California Resources in a research note on Wednesday, October 19th. They issued a “buy” rating and a $63.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, California Resources presently has a consensus rating of “Moderate Buy” and an average price target of $56.00.
California Resources Stock Performance
California Resources Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Thursday, December 1st will be paid a dividend of $0.282 per share. This represents a $1.13 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Wednesday, November 30th. This is a boost from California Resources’s previous quarterly dividend of $0.17. California Resources’s payout ratio is presently 4.70%.
About California Resources
California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, 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.
- Get a free copy of the StockNews.com research report on California Resources (CRC)
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