LSV Asset Management Boosts Stock Position in California Resources Co. (NYSE:CRC)

LSV Asset Management raised its stake in shares of California Resources Co. (NYSE:CRC) by 6.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,125,466 shares of the oil and gas producer’s stock after buying an additional 182,246 shares during the quarter. LSV Asset Management’s holdings in California Resources were worth $170,900,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. boosted its stake in California Resources by 229.6% in the 4th quarter. Victory Capital Management Inc. now owns 885,906 shares of the oil and gas producer’s stock worth $48,441,000 after purchasing an additional 617,084 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its stake in shares of California Resources by 9.3% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 48,583 shares of the oil and gas producer’s stock worth $2,657,000 after buying an additional 4,136 shares in the last quarter. Yousif Capital Management LLC grew its holdings in shares of California Resources by 3.6% during the fourth quarter. Yousif Capital Management LLC now owns 33,284 shares of the oil and gas producer’s stock valued at $1,820,000 after buying an additional 1,151 shares during the last quarter. Jennison Associates LLC purchased a new position in California Resources in the 4th quarter worth approximately $5,585,000. Finally, Federated Hermes Inc. lifted its position in California Resources by 1.0% in the 4th quarter. Federated Hermes Inc. now owns 224,799 shares of the oil and gas producer’s stock valued at $12,292,000 after acquiring an additional 2,148 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CRC has been the subject of several research analyst reports. Bank of America downgraded California Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $64.00 to $60.00 in a report on Friday, January 5th. Mizuho dropped their target price on shares of California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 target price on shares of California Resources in a research note on Wednesday, March 6th. Stifel Nicolaus raised their price target on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Finally, Barclays started coverage on 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. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, California Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.57.

California Resources Price Performance

NYSE:CRC traded up $0.18 on Friday, reaching $51.68. 460,180 shares of the company’s stock traded hands, compared to its average volume of 509,704. The stock has a 50-day simple moving average of $53.95 and a 200-day simple moving average of $52.66. California Resources Co. has a 12 month low of $37.21 and a 12 month high of $58.44. The firm has a market cap of $3.55 billion, a PE ratio of 6.69 and a beta of 1.03. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24.

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

California Resources Announces Dividend

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

California Resources Company 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.