ExodusPoint Capital Management LP Buys Shares of 192,985 California Resources Co. (NYSE:CRC)

ExodusPoint Capital Management LP purchased a new position in shares of California Resources Co. (NYSE:CRC) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 192,985 shares of the oil and gas producer’s stock, valued at approximately $10,014,000. ExodusPoint Capital Management LP owned about 0.21% of California Resources as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Verition Fund Management LLC lifted its position in California Resources by 85.3% in the 3rd quarter. Verition Fund Management LLC now owns 7,851 shares of the oil and gas producer’s stock worth $412,000 after buying an additional 3,615 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of California Resources by 2.0% during the third quarter. Janus Henderson Group PLC now owns 284,305 shares of the oil and gas producer’s stock worth $14,917,000 after acquiring an additional 5,583 shares in the last quarter. Point72 DIFC Ltd bought a new stake in shares of California Resources in the 3rd quarter worth approximately $70,000. State Street Corp lifted its holdings in shares of California Resources by 5.1% in the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock worth $181,021,000 after acquiring an additional 168,278 shares during the last quarter. Finally, Weiss Asset Management LP bought a new position in shares of California Resources during the 3rd quarter valued at $28,043,000. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at California Resources

In other California Resources news, Director James N. Chapman purchased 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was bought at an average cost of $39.42 per share, with a total value of $78,840.00. Following the transaction, the director now directly owns 43,445 shares in the company, valued at approximately $1,712,601.90. The trade was a 4.83 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CRC shares. Royal Bank of Canada reissued an “outperform” rating and issued a $68.00 price target on shares of California Resources in a research note on Thursday, March 27th. JPMorgan Chase & Co. assumed coverage on California Resources in a research note on Friday, December 20th. They issued a “neutral” rating and a $63.00 target price for the company. Barclays reduced their price target on California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Capital One Financial upgraded California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Finally, Truist Financial started coverage on shares of California Resources in a research note on Monday, January 13th. They issued a “buy” rating and a $75.00 target price on the stock. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, California Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.92.

California Resources Trading Down 14.3 %

Shares of CRC opened at $34.80 on Friday. California Resources Co. has a 1-year low of $34.43 and a 1-year high of $60.41. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 5.48, a PEG ratio of 1.02 and a beta of 1.03. The firm’s 50-day moving average price is $45.26 and its 200-day moving average price is $50.89. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC) last posted its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). The firm had revenue of $877.00 million for the quarter, compared to analysts’ expectations of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. Sell-side analysts anticipate that California Resources Co. will post 3.85 EPS for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were issued a $0.3875 dividend. The ex-dividend date was Monday, March 10th. This represents a $1.55 dividend on an annualized basis and a yield of 4.45%. California Resources’s dividend payout ratio (DPR) is 37.71%.

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.