Capital Fund Management S.A. Takes $5.71 Million Position in California Resources Corporation $CRC

Capital Fund Management S.A. acquired a new position in California Resources Corporation (NYSE:CRC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 124,948 shares of the oil and gas producer’s stock, valued at approximately $5,706,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd acquired a new stake in shares of California Resources in the 2nd quarter worth approximately $35,000. Nomura Asset Management Co. Ltd. raised its holdings in California Resources by 97.9% during the second quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock worth $42,000 after purchasing an additional 460 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in California Resources in the first quarter worth approximately $79,000. Strs Ohio bought a new position in California Resources during the 1st quarter valued at $106,000. Finally, EntryPoint Capital LLC acquired a new position in shares of California Resources during the 1st quarter valued at $220,000. 97.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Roth Capital set a $63.00 price objective on California Resources in a report on Monday, September 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a research report on Wednesday, October 8th. Jefferies Financial Group set a $71.00 price objective on shares of California Resources and gave the company a “buy” rating in a research report on Sunday, September 21st. Zacks Research cut shares of California Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. Finally, UBS Group cut their target price on shares of California Resources from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, November 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $65.50.

California Resources Trading Up 1.9%

Shares of CRC opened at $47.78 on Monday. The business’s 50-day moving average price is $49.18 and its 200 day moving average price is $48.24. The company has a current ratio of 0.89, a quick ratio of 0.78 and a debt-to-equity ratio of 0.26. The stock 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 1-year low of $30.97 and a 1-year high of $59.38.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 EPS for the quarter, topping the consensus estimate of $1.31 by $0.15. California Resources had a net margin of 10.60% and a return on equity of 11.59%. The company had revenue of $855.00 million during the quarter, compared to analysts’ expectations of $888.58 million. During the same period last year, the company posted $1.50 earnings per share. The business’s revenue for the quarter was down 36.8% on a year-over-year basis. Analysts expect that California Resources Corporation will post 3.85 earnings per share for the current 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 given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 3.4%. The ex-dividend date is Monday, December 1st. This is a positive change from California Resources’s previous quarterly dividend of $0.39. California Resources’s dividend payout ratio is presently 36.05%.

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.