Envestnet Asset Management Inc. Purchases Shares of 5,322 California Resources Corporation $CRC

Envestnet Asset Management Inc. purchased a new position in shares of California Resources Corporation (NYSE:CRC) in the second quarter, according to its most recent filing with the SEC. The firm purchased 5,322 shares of the oil and gas producer’s stock, valued at approximately $243,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRC. Nuveen LLC bought a new stake in shares of California Resources during the 1st quarter valued at about $28,254,000. Millennium Management LLC lifted its stake in California Resources by 255.5% in the first quarter. Millennium Management LLC now owns 677,093 shares of the oil and gas producer’s stock valued at $29,772,000 after buying an additional 486,650 shares during the period. Brandywine Global Investment Management LLC bought a new position in shares of California Resources during the 1st quarter worth approximately $14,456,000. Corigliano Investment Advisers LLC grew its position in shares of California Resources by 390.2% during the 1st quarter. Corigliano Investment Advisers LLC now owns 408,364 shares of the oil and gas producer’s stock worth $17,956,000 after buying an additional 325,059 shares during the period. Finally, American Century Companies Inc. increased its stake in shares of California Resources by 10.7% in the 1st quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer’s stock valued at $113,274,000 after acquiring an additional 248,448 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Price Performance

CRC stock opened at $47.78 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 0.89. The business has a 50-day simple moving average of $49.18 and a two-hundred day simple moving average of $48.18. The company has a market capitalization of $4.00 billion, a P/E ratio of 11.11 and a beta of 1.15. California Resources Corporation has a 52-week low of $30.97 and a 52-week high of $59.38.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.15. The company had revenue of $855.00 million for the quarter, compared to analyst estimates of $888.58 million. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The company’s revenue for the quarter was down 36.8% on a year-over-year basis. During the same quarter last year, the company earned $1.50 earnings per share. Research analysts expect that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a dividend of $0.405 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.62 dividend on an annualized basis and a yield of 3.4%. This is a positive change from California Resources’s previous quarterly dividend of $0.39. California Resources’s payout ratio is presently 36.05%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of California Resources from $64.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday, October 10th. Bank of America raised their target price on California Resources from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Zacks Research lowered California Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a report on Wednesday, October 8th. Finally, Mizuho set a $71.00 price objective on California Resources in a research note on Monday, September 15th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $65.50.

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.