BNP Paribas Financial Markets Invests $1.45 Million in California Resources Co. (NYSE:CRC)

BNP Paribas Financial Markets acquired a new position in California Resources Co. (NYSE:CRC) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 27,872 shares of the oil and gas producer’s stock, valued at approximately $1,446,000.

Several other hedge funds and other institutional investors also recently modified their holdings of CRC. Entropy Technologies LP bought a new position in California Resources during the fourth quarter valued at about $841,000. Bank of New York Mellon Corp increased its stake in shares of California Resources by 2.0% during the 4th quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer’s stock worth $38,350,000 after purchasing an additional 14,240 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in California Resources by 1.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer’s stock worth $2,869,000 after purchasing an additional 649 shares during the last quarter. Empowered Funds LLC lifted its position in California Resources by 84.3% during the 4th quarter. Empowered Funds LLC now owns 48,929 shares of the oil and gas producer’s stock worth $2,539,000 after acquiring an additional 22,383 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in shares of California Resources by 518.4% in the fourth quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer’s stock valued at $88,000 after acquiring an additional 1,410 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

Insider Activity at California Resources

In other news, Director James N. Chapman acquired 2,000 shares of the stock in a transaction dated Wednesday, March 5th. The stock was bought at an average price of $39.42 per share, with a total value of $78,840.00. Following the completion of the purchase, the director now directly owns 43,445 shares of the company’s stock, valued at $1,712,601.90. This represents a 4.83% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.03% of the stock is currently owned by insiders.

California Resources Stock Down 1.3%

California Resources stock opened at $42.61 on Monday. California Resources Co. has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The firm has a market capitalization of $3.80 billion, a PE ratio of 6.71, a P/E/G ratio of 1.02 and a beta of 1.06. The company’s 50-day moving average is $39.01 and its 200-day moving average is $47.34. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.24. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $912.00 million during the quarter, compared to analysts’ expectations of $862.14 million. During the same period in the previous year, the company posted $0.75 earnings per share. The firm’s revenue for the quarter was up 100.9% compared to the same quarter last year. Sell-side analysts anticipate that California Resources Co. will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.3875 per share. The ex-dividend date is Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.64%. California Resources’s dividend payout ratio (DPR) is currently 28.13%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CRC shares. StockNews.com raised shares of California Resources from a “hold” rating to a “buy” rating in a research report on Monday, May 12th. UBS Group increased their price objective on shares of California Resources from $49.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, May 8th. Royal Bank of Canada cut their target price on shares of California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, April 11th. Barclays raised their price objective on shares of California Resources from $47.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, May 9th. Finally, Roth Capital reaffirmed a “buy” rating on shares of California Resources in a research report on Wednesday, May 7th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $59.64.

About California Resources

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.