Jennison Associates LLC Purchases 63,338 Shares of California Resources Co. (NYSE:CRC)

Jennison Associates LLC raised its stake in California Resources Co. (NYSE:CRC) by 41.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 214,436 shares of the oil and gas producer’s stock after purchasing an additional 63,338 shares during the quarter. Jennison Associates LLC owned 0.23% of California Resources worth $11,127,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. GSA Capital Partners LLP bought a new position in California Resources during the 3rd quarter valued at approximately $682,000. Swiss National Bank raised its holdings in shares of California Resources by 12.7% during the third quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer’s stock valued at $6,396,000 after acquiring an additional 13,700 shares in the last quarter. Natixis Advisors LLC purchased a new stake in California Resources in the third quarter worth $579,000. Geode Capital Management LLC boosted its holdings in California Resources by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock valued at $83,583,000 after acquiring an additional 55,815 shares in the last quarter. Finally, State Street Corp increased its position in California Resources by 5.1% during the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock valued at $181,021,000 after purchasing an additional 168,278 shares during the period. Institutional investors own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CRC shares. StockNews.com raised shares of California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Capital One Financial raised California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Stephens initiated coverage on California Resources in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price objective for the company. Jefferies Financial Group started coverage on California Resources in a research note on Thursday, October 24th. They issued a “buy” rating and a $64.00 target price on the stock. Finally, UBS Group began coverage on California Resources in a research report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price target for the company. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, California Resources has a consensus rating of “Moderate Buy” and an average price target of $67.25.

California Resources Stock Performance

CRC opened at $48.12 on Thursday. California Resources Co. has a 12-month low of $43.09 and a 12-month high of $60.41. The company’s 50 day moving average is $52.93 and its 200 day moving average is $52.45. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a market cap of $4.40 billion, a price-to-earnings ratio of 7.58, a PEG ratio of 1.01 and a beta of 1.04.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. California Resources’s revenue for the quarter was up 194.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.02 EPS. On average, equities research analysts predict that California Resources Co. will post 3.85 EPS for the current year.

Insider Activity at California Resources

In other news, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the sale, the executive vice president now directly owns 30,940 shares in the company, valued at approximately $1,707,269.20. This represents a 34.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.63% of the stock is currently owned by corporate insiders.

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.