Townsquare Capital LLC Acquires 4,735 Shares of California Resources Co. (NYSE:CRC)

Townsquare Capital LLC boosted its holdings in California Resources Co. (NYSE:CRC) by 94.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,765 shares of the oil and gas producer’s stock after acquiring an additional 4,735 shares during the quarter. Townsquare Capital LLC’s holdings in California Resources were worth $512,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Citigroup Inc. boosted its position in California Resources by 24.7% in the third quarter. Citigroup Inc. now owns 113,038 shares of the oil and gas producer’s stock valued at $5,931,000 after buying an additional 22,405 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in California Resources by 8.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock valued at $51,116,000 after buying an additional 75,606 shares in the last quarter. Intech Investment Management LLC acquired a new position in California Resources in the third quarter valued at about $902,000. Jennison Associates LLC boosted its position in California Resources by 7.9% in the third quarter. Jennison Associates LLC now owns 151,098 shares of the oil and gas producer’s stock valued at $7,928,000 after buying an additional 11,106 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in California Resources in the third quarter valued at about $499,000. Institutional investors own 97.79% of the company’s stock.

Insider Buying and Selling at California Resources

In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value 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 approximately $916,953. This represents a 36.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.03% of the company’s stock.

California Resources Trading Down 4.0 %

Shares of NYSE CRC opened at $55.02 on Thursday. The company’s 50 day simple moving average is $54.63 and its 200 day simple moving average is $51.55. California Resources Co. has a fifty-two week low of $43.09 and a fifty-two week high of $60.41. The firm has a market capitalization of $3.73 billion, a P/E ratio of 8.66, a P/E/G ratio of 1.42 and a beta of 1.01. 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 earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, beating the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. During the same quarter in the prior year, the firm earned $1.02 earnings per share. The business’s quarterly revenue was up 194.1% on a year-over-year basis. On average, analysts predict that California Resources Co. will post 3.42 EPS for the current year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 2.82%. The ex-dividend date is Monday, December 2nd. California Resources’s payout ratio is presently 24.41%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of California Resources in a research report on Thursday, October 24th. They set a “buy” rating and a $64.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 target price on shares of California Resources in a research report on Monday, August 12th. StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and upped their target price for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Finally, Citigroup upped their target price on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.40.

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.