Louisiana State Employees Retirement System Buys New Position in California Resources Corporation $CRC

Louisiana State Employees Retirement System bought a new stake in shares of California Resources Corporation (NYSE:CRC) in the 1st quarter, HoldingsChannel reports. The firm bought 34,800 shares of the oil and gas producer’s stock, valued at approximately $2,409,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRC. Federated Hermes Inc. increased its holdings in shares of California Resources by 4.3% in the 4th quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer’s stock worth $209,000 after buying an additional 195 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of California Resources by 14.6% during the 4th quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer’s stock worth $75,000 after acquiring an additional 214 shares during the last quarter. Clearstead Advisors LLC lifted its holdings in shares of California Resources by 82.5% during the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after acquiring an additional 226 shares during the last quarter. iA Global Asset Management Inc. grew its position in California Resources by 4.4% in the fourth quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock worth $243,000 after acquiring an additional 230 shares in the last quarter. Finally, Xponance Inc. grew its position in California Resources by 4.7% in the third quarter. Xponance Inc. now owns 5,301 shares of the oil and gas producer’s stock worth $282,000 after acquiring an additional 237 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Stock Performance

NYSE CRC opened at $52.76 on Tuesday. The company has a 50-day simple moving average of $60.32 and a two-hundred day simple moving average of $57.30. California Resources Corporation has a 12-month low of $43.24 and a 12-month high of $71.98. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of -10.15 and a beta of 0.91. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, hitting the consensus estimate of $0.88. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The firm had revenue of $119.00 million for the quarter, compared to the consensus estimate of $947.50 million. During the same quarter in the previous year, the business earned $1.07 earnings per share. The company’s quarterly revenue was down 87.0% on a year-over-year basis. On average, equities analysts forecast that California Resources Corporation will post 5.56 EPS for the current year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, May 29th were given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 3.1%. The ex-dividend date was Friday, May 29th. California Resources’s dividend payout ratio (DPR) is presently -31.15%.

Insider Buying and Selling

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of California Resources stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $61.68, for a total value of $734,423.76. Following the transaction, the executive vice president directly owned 171,331 shares of the company’s stock, valued at $10,567,696.08. The trade was a 6.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on CRC. Wells Fargo & Company raised their price target on California Resources from $72.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, March 17th. Citigroup upgraded California Resources from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $74.00 to $78.00 in a report on Wednesday, May 20th. Weiss Ratings lowered California Resources from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 8th. Barclays raised their price objective on California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Finally, Zacks Research downgraded California Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $73.50.

California Resources Profile

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.