Palo Duro Investment Partners LP Makes New Investment in California Resources Co. (NYSE:CRC)

Palo Duro Investment Partners LP purchased 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 & Exchange Commission. The fund purchased 399,929 shares of the oil and gas producer’s stock, valued at approximately $20,752,000. California Resources comprises about 6.1% of Palo Duro Investment Partners LP’s holdings, making the stock its 6th largest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Entropy Technologies LP acquired a new position in shares of California Resources during the 4th quarter worth about $841,000. Bank of New York Mellon Corp lifted its position 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 position in shares of California Resources by 1.2% during 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 shares of 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 purchasing an additional 22,383 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in shares of California Resources by 518.4% during the 4th quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer’s stock worth $88,000 after purchasing an additional 1,410 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CRC. Roth Capital restated a “buy” rating on shares of California Resources in a research note on Wednesday, May 7th. Citigroup lowered California Resources from a “buy” rating to a “neutral” rating and lowered their price target for the company from $62.00 to $36.00 in a research note on Monday, April 7th. Bank of America lowered their price target on California Resources from $64.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Royal Bank of Canada lowered their price objective on California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, April 11th. Finally, StockNews.com upgraded California Resources from a “hold” rating to a “buy” rating in a research note on Monday. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.64.

Insider Buying and Selling

In other California Resources news, Director James N. Chapman acquired 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average price of $39.42 per share, with a total value of $78,840.00. Following the purchase, the director now 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.03% of the stock is currently owned by company insiders.

California Resources Stock Performance

CRC stock opened at $43.81 on Wednesday. The business’s fifty day moving average is $38.95 and its 200-day moving average is $47.56. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The company has a market cap of $3.91 billion, a P/E ratio of 6.90, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. California Resources Co. has a twelve month low of $30.97 and a twelve month high of $60.41.

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

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 3.54%. The ex-dividend date of this dividend is Friday, May 30th. California Resources’s payout ratio is presently 28.13%.

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.