Caxton Associates LP Acquires Shares of 10,555 California Resources Co. (NYSE:CRC)

Caxton Associates LP bought a new position in shares of California Resources Co. (NYSE:CRC) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 10,555 shares of the oil and gas producer’s stock, valued at approximately $562,000.

A number of other large investors also recently modified their holdings of the company. Lazard Asset Management LLC grew its holdings in shares of California Resources by 3.7% during the first quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock valued at $390,000 after buying an additional 253 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of California Resources by 1.3% in the second quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock worth $1,719,000 after purchasing an additional 400 shares during the last quarter. Texas Permanent School Fund Corp raised its stake in shares of California Resources by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 56,452 shares of the oil and gas producer’s stock worth $3,111,000 after purchasing an additional 738 shares during the last quarter. Bfsg LLC lifted its holdings in shares of California Resources by 15.4% in the second quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock valued at $339,000 after purchasing an additional 851 shares in the last quarter. Finally, ProShare Advisors LLC grew its holdings in California Resources by 7.5% during the first quarter. ProShare Advisors LLC now owns 13,937 shares of the oil and gas producer’s stock worth $768,000 after buying an additional 967 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the sale, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the transaction, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

California Resources Price Performance

CRC opened at $49.76 on Friday. The firm has a 50-day moving average price of $50.16 and a 200-day moving average price of $51.12. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. California Resources Co. has a twelve month low of $43.09 and a twelve month high of $58.44. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of 14.26, a PEG ratio of 1.31 and a beta of 0.98.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.36). California Resources had a net margin of 7.61% and a return on equity of 11.27%. The company had revenue of $514.00 million during the quarter, compared to analysts’ expectations of $477.07 million. During the same quarter last year, the firm posted $0.53 earnings per share. California Resources’s revenue for the quarter was down 13.0% compared to the same quarter last year. Equities analysts expect that California Resources Co. will post 3.45 EPS for the current year.

California Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date was Friday, August 30th. This is a positive change from California Resources’s previous quarterly dividend of $0.31. California Resources’s dividend payout ratio is 44.41%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Barclays reduced their target price on shares of California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Citigroup boosted their target price on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. TD Cowen initiated coverage on California Resources in a report on Friday, August 2nd. They set a “buy” rating and a $65.00 price target on the stock. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and upped their price objective for the company from $57.00 to $65.00 in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 target price on shares of California Resources in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, California Resources has a consensus rating of “Moderate Buy” and a consensus target price of $64.00.

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.