Palo Duro Investment Partners LP Takes Position in California Resources Co. (NYSE:CRC)

Palo Duro Investment Partners LP bought a new stake in California Resources Co. (NYSE:CRC) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 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 investment portfolio, making the stock its 6th biggest holding. Palo Duro Investment Partners LP owned approximately 0.44% of California Resources as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. R Squared Ltd acquired a new stake in California Resources during the fourth quarter worth about $31,000. Smartleaf Asset Management LLC increased its stake in California Resources by 331.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock worth $53,000 after acquiring an additional 812 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in California Resources by 71.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock worth $56,000 after acquiring an additional 454 shares during the last quarter. Lazard Asset Management LLC increased its stake in California Resources by 52,366.7% during the fourth quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer’s stock worth $81,000 after acquiring an additional 1,571 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in California Resources by 518.4% during the fourth quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer’s stock worth $88,000 after acquiring an additional 1,410 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Stock Up 3.9%

Shares of California Resources stock opened at $43.81 on Wednesday. California Resources Co. has a 1-year low of $30.97 and a 1-year high of $60.41. The company has a market capitalization of $3.91 billion, a P/E ratio of 6.90, a PEG ratio of 1.02 and a beta of 1.06. The business’s fifty day moving average price is $38.95 and its two-hundred day moving average price is $47.56. 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 quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.24. The company had revenue of $912.00 million for the quarter, compared to analysts’ expectations of $862.14 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm’s revenue for the quarter was up 100.9% on a year-over-year basis. During the same period last year, the firm earned $0.75 EPS. As a group, research analysts forecast that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

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

Insider Transactions at California Resources

In other news, Director James N. Chapman bought 2,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were 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. This trade represents a 4.83% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.03% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CRC has been the subject of a number of recent research reports. Roth Capital reiterated a “buy” rating on shares of California Resources in a research note on Wednesday, May 7th. Truist Financial upgraded California Resources to a “strong-buy” rating in a research note on Tuesday, May 6th. Barclays increased their target price on California Resources from $47.00 to $50.00 and gave the company an “equal weight” rating in a research note on Friday, May 9th. StockNews.com upgraded California Resources from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Royal Bank of Canada lowered their price objective on California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $59.64.

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.