Jennison Associates LLC Makes New Investment in California Resources Co. (NYSE:CRC)

Jennison Associates LLC acquired a new position in shares of California Resources Co. (NYSE:CRC) in the 4th quarter, Holdings Channel.com reports. The firm acquired 102,140 shares of the oil and gas producer’s stock, valued at approximately $5,585,000.

Other hedge funds have also recently bought and sold shares of the company. DAVENPORT & Co LLC increased its holdings in shares of California Resources by 179.8% during the fourth quarter. DAVENPORT & Co LLC now owns 420,946 shares of the oil and gas producer’s stock worth $23,127,000 after purchasing an additional 270,508 shares during the period. Cambria Investment Management L.P. increased its holdings in shares of California Resources by 8.5% during the third quarter. Cambria Investment Management L.P. now owns 167,856 shares of the oil and gas producer’s stock worth $9,402,000 after purchasing an additional 13,104 shares during the period. Wellington Management Group LLP bought a new position in shares of California Resources during the third quarter worth approximately $1,824,000. Lazard Asset Management LLC increased its holdings in shares of California Resources by 38.1% during the third quarter. Lazard Asset Management LLC now owns 10,616 shares of the oil and gas producer’s stock worth $594,000 after purchasing an additional 2,931 shares during the period. Finally, Xponance Inc. bought a new position in shares of California Resources during the third quarter worth approximately $241,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRC has been the topic of several recent research reports. Stifel Nicolaus raised their target price on shares of California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a report on Tuesday. Mizuho decreased their price objective on shares of California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price objective on shares of California Resources in a research note on Wednesday, March 6th. Bank of America cut shares of California Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $64.00 to $60.00 in a research note on Friday, January 5th. Finally, Barclays initiated coverage on shares of California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $63.57.

California Resources Stock Performance

Shares of California Resources stock opened at $54.90 on Friday. California Resources Co. has a fifty-two week low of $37.21 and a fifty-two week high of $58.44. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.39. The firm has a market capitalization of $3.77 billion, a P/E ratio of 7.11 and a beta of 1.02. The company’s 50 day moving average price is $54.11 and its two-hundred day moving average price is $52.74.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). The business 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%. California Resources’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.24 EPS. On average, equities analysts forecast that California Resources Co. will post 4.64 earnings per share for the current fiscal year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were issued a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.26%. California Resources’s dividend payout ratio (DPR) is presently 16.06%.

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.