Inspire Investing LLC Purchases Shares of 18,507 California Resources Corporation $CRC

Inspire Investing LLC acquired a new position in shares of California Resources Corporation (NYSE:CRC) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 18,507 shares of the oil and gas producer’s stock, valued at approximately $984,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CRC. Harbor Capital Advisors Inc. increased its holdings in California Resources by 560.8% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 5,062 shares of the oil and gas producer’s stock worth $269,000 after purchasing an additional 4,296 shares during the period. Brighton Jones LLC purchased a new stake in shares of California Resources during the third quarter worth approximately $236,000. Jackson Square Capital LLC purchased a new stake in shares of California Resources during the third quarter worth approximately $502,000. Osaic Holdings Inc. raised its holdings in California Resources by 1,471.4% in the second quarter. Osaic Holdings Inc. now owns 6,914 shares of the oil and gas producer’s stock valued at $306,000 after acquiring an additional 6,474 shares in the last quarter. Finally, Orion Porfolio Solutions LLC lifted its stake in California Resources by 103.1% in the second quarter. Orion Porfolio Solutions LLC now owns 14,508 shares of the oil and gas producer’s stock worth $663,000 after acquiring an additional 7,365 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CRC. Barclays raised their price objective on shares of California Resources from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Mizuho raised their price target on California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Zacks Research downgraded California Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 22nd. UBS Group set a $64.00 price objective on California Resources and gave the company a “buy” rating in a report on Friday, December 12th. Finally, Bank of America boosted their target price on California Resources from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, California Resources has an average rating of “Moderate Buy” and an average price target of $64.36.

California Resources Stock Performance

Shares of CRC stock opened at $44.07 on Friday. The stock’s 50-day moving average is $46.71 and its two-hundred day moving average is $48.54. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 0.89. California Resources Corporation has a 1 year low of $30.97 and a 1 year high of $58.41. The firm has a market cap of $3.69 billion, a price-to-earnings ratio of 10.25 and a beta of 1.15.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.15. The firm had revenue of $855.00 million during the quarter, compared to analysts’ expectations of $888.58 million. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The business’s revenue was down 36.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.50 EPS. Analysts predict 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 was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were issued a $0.405 dividend. The ex-dividend date of this dividend was Monday, December 1st. This is an increase from California Resources’s previous quarterly dividend of $0.39. This represents a $1.62 annualized dividend and a dividend yield of 3.7%. California Resources’s dividend payout ratio is currently 37.67%.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.