Wellington Management Group LLP Makes New $1.82 Million Investment in California Resources Co. (NYSE:CRC)

Wellington Management Group LLP bought a new stake in California Resources Co. (NYSE:CRC) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 32,568 shares of the oil and gas producer’s stock, valued at approximately $1,824,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CRC. Cambria Investment Management L.P. increased its position in California Resources by 8.5% in the 3rd quarter. Cambria Investment Management L.P. now owns 167,856 shares of the oil and gas producer’s stock valued at $9,402,000 after acquiring an additional 13,104 shares during the period. Lazard Asset Management LLC increased its holdings in shares of California Resources by 38.1% in the third quarter. Lazard Asset Management LLC now owns 10,616 shares of the oil and gas producer’s stock valued at $594,000 after purchasing an additional 2,931 shares during the period. Xponance Inc. purchased a new stake in shares of California Resources during the third quarter worth approximately $241,000. Invesco Ltd. lifted its holdings in shares of California Resources by 16.5% during the third quarter. Invesco Ltd. now owns 696,923 shares of the oil and gas producer’s stock worth $39,035,000 after purchasing an additional 98,595 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in California Resources by 6.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 798,909 shares of the oil and gas producer’s stock valued at $44,747,000 after buying an additional 51,683 shares during the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Trading Up 3.1 %

Shares of California Resources stock opened at $54.93 on Thursday. The company has a 50-day moving average of $52.28 and a two-hundred day moving average of $52.87. The stock has a market cap of $3.78 billion, a PE ratio of 7.12 and a beta of 1.02. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.24. California Resources Co. has a 12-month low of $37.21 and a 12-month high of $58.44.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.08). The firm had revenue of $726.00 million for the quarter, compared to analyst estimates of $553.47 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.24 earnings per share. On average, research analysts anticipate that California Resources Co. will post 4.57 EPS for the current fiscal year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were given a $0.31 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.26%. California Resources’s dividend payout ratio is presently 16.06%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Royal Bank of Canada restated an “outperform” rating and set a $70.00 price objective on shares of California Resources in a research report on Wednesday, March 6th. Stifel Nicolaus dropped their price target on shares of California Resources from $72.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Mizuho reduced their price objective on shares of California Resources from $69.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Finally, Bank of America cut California Resources from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $64.00 to $60.00 in a research report on Friday, January 5th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $63.67.

California Resources 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.