Gallacher Capital Management LLC Has $535,000 Position in California Resources Co. (NYSE:CRC)

Gallacher Capital Management LLC grew its stake in California Resources Co. (NYSE:CRC) by 159.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 9,789 shares of the oil and gas producer’s stock after purchasing an additional 6,022 shares during the quarter. Gallacher Capital Management LLC’s holdings in California Resources were worth $535,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Xponance Inc. acquired a new position in California Resources during the third quarter worth $241,000. Raymond James & Associates bought a new stake in shares of California Resources in the 3rd quarter valued at about $389,000. New York State Teachers Retirement System lifted its stake in California Resources by 40.4% in the 3rd quarter. New York State Teachers Retirement System now owns 25,976 shares of the oil and gas producer’s stock valued at $1,455,000 after purchasing an additional 7,476 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in California Resources by 16.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,812 shares of the oil and gas producer’s stock worth $606,000 after purchasing an additional 1,553 shares during the period. Finally, Klingenstein Fields & Co. LP acquired a new position in California Resources during the third quarter worth approximately $657,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Price Performance

Shares of CRC stock traded up $0.18 during trading on Friday, hitting $51.68. The company had a trading volume of 460,180 shares, compared to its average volume of 509,704. The stock’s 50-day moving average price is $53.95 and its 200 day moving average price is $52.62. California Resources Co. has a one year low of $37.21 and a one year high of $58.44. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51. The firm has a market capitalization of $3.55 billion, a P/E ratio of 6.69 and a beta of 1.03.

California Resources (NYSE:CRC) last released its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). California Resources had a net margin of 20.14% and a return on equity of 17.57%. The company had revenue of $726.00 million for the quarter, compared to the consensus estimate of $553.47 million. During the same quarter in the previous year, the company posted $1.24 earnings per share. The business’s revenue was up 6.5% compared to the same quarter last year. Equities analysts expect that California Resources Co. will post 4.64 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 18th. Shareholders of record on Wednesday, March 6th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.40%. The ex-dividend date was Tuesday, March 5th. California Resources’s dividend payout ratio is currently 16.06%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Stifel Nicolaus upped their price objective on California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Mizuho dropped their price target on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Barclays assumed coverage on shares of California Resources in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price objective for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price objective on shares of California Resources in a research report on Wednesday, March 6th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $63.57.

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.