Citigroup Inc. Raises Stock Position in California Resources Co. (NYSE:CRC)

Citigroup Inc. raised its stake in shares of California Resources Co. (NYSE:CRC – Get Rating) by 14.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 109,041 shares of the oil and gas producer’s stock after purchasing an additional 13,896 shares during the period. Citigroup Inc. owned 0.15% of California Resources worth $4,744,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Assetmark Inc. boosted its holdings in shares of California Resources by 41.0% during the 3rd quarter. Assetmark Inc. now owns 976 shares of the oil and gas producer’s stock valued at $38,000 after purchasing an additional 284 shares during the last quarter. First Manhattan Co. bought a new position in shares of California Resources during the 3rd quarter valued at about $38,000. Lazard Asset Management LLC bought a new position in shares of California Resources during the 3rd quarter valued at about $45,000. Captrust Financial Advisors boosted its holdings in shares of California Resources by 69.1% during the 2nd quarter. Captrust Financial Advisors now owns 1,454 shares of the oil and gas producer’s stock valued at $56,000 after purchasing an additional 594 shares during the last quarter. Finally, Macquarie Group Ltd. bought a new position in shares of California Resources during the 2nd quarter valued at about $88,000.

Analyst Ratings Changes

Several research analysts have commented on the stock. Roth Capital reissued a “buy” rating on shares of California Resources in a report on Saturday, February 4th. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and increased their price target for the company from $51.00 to $60.00 in a report on Friday, February 24th. Royal Bank of Canada lowered their price target on shares of California Resources from $68.00 to $65.00 and set an “outperform” rating for the company in a report on Tuesday, January 31st. TheStreet downgraded shares of California Resources from a “c” rating to a “d” rating in a report on Tuesday, May 2nd. Finally, StockNews.com assumed coverage on shares of California Resources in a report on Thursday. They issued a “hold” rating for the company. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $55.33.

California Resources Stock Down 1.3 %

Shares of NYSE CRC opened at $39.24 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.36 and a quick ratio of 1.27. The company has a market cap of $2.77 billion, a P/E ratio of 2.97 and a beta of 1.05. California Resources Co. has a 1 year low of $34.02 and a 1 year high of $51.46. The firm has a 50-day simple moving average of $38.93 and a two-hundred day simple moving average of $41.92.

California Resources (NYSE:CRC – Get Rating) last announced its quarterly earnings data on Monday, May 1st. The oil and gas producer reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.54. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $746.35 million. California Resources had a net margin of 27.95% and a return on equity of 26.53%. Research analysts anticipate that California Resources Co. will post 5.55 earnings per share for the current year.

California Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 16th. Shareholders of record on Thursday, June 1st will be paid a $0.282 dividend. This represents a $1.13 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend is Wednesday, May 31st. California Resources’s payout ratio is currently 8.57%.

California Resources Company Profile

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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.