California Resources Corporation $CRC Shares Sold by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co decreased its stake in California Resources Corporation (NYSE:CRC) by 51.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,402 shares of the oil and gas producer’s stock after selling 10,845 shares during the period. Elo Mutual Pension Insurance Co’s holdings in California Resources were worth $475,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd purchased a new position in California Resources in the second quarter valued at about $35,000. Nomura Asset Management Co. Ltd. grew its holdings in shares of California Resources by 97.9% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock worth $42,000 after acquiring an additional 460 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in California Resources in the 1st quarter valued at approximately $79,000. Strs Ohio acquired a new position in California Resources during the first quarter worth $106,000. Finally, EntryPoint Capital LLC purchased a new stake in California Resources during the first quarter worth $220,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Stock Up 1.9%

Shares of NYSE CRC opened at $47.78 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $4.00 billion, a PE ratio of 11.11 and a beta of 1.15. The firm has a fifty day moving average of $49.18 and a 200-day moving average of $48.21. 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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.15. California Resources had a net margin of 10.60% and a return on equity of 11.59%. The firm had revenue of $855.00 million during the quarter, compared to the consensus estimate of $888.58 million. During the same quarter in the prior year, the company earned $1.50 EPS. The company’s revenue was down 36.8% on a year-over-year basis. On average, analysts anticipate that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Increases Dividend

The firm also recently announced 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 boost from California Resources’s previous quarterly dividend of $0.39. California Resources’s dividend payout ratio (DPR) is presently 36.05%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Jefferies Financial Group set a $71.00 price target on California Resources and gave the company a “buy” rating in a research report on Sunday, September 21st. Bank of America raised their target price on shares of California Resources from $60.00 to $66.00 and gave the company a “buy” rating in a report on Monday, September 22nd. UBS Group reduced their price target on shares of California Resources from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, November 10th. Roth Capital set a $63.00 price objective on shares of California Resources in a research note on Monday, September 15th. Finally, Barclays lifted their price objective on California Resources from $66.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $65.50.

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.