Summit Global Investments Takes Position in California Resources Co. (NYSE:CRC)

Summit Global Investments bought a new stake in California Resources Co. (NYSE:CRC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 7,869 shares of the oil and gas producer's stock, valued at approximately $346,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in California Resources by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer's stock valued at $484,953,000 after buying an additional 225,620 shares during the last quarter. First Trust Advisors LP raised its position in California Resources by 14.2% in the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer's stock valued at $353,800,000 after buying an additional 845,694 shares during the last quarter. American Century Companies Inc. raised its position in California Resources by 14.2% in the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer's stock valued at $120,785,000 after buying an additional 290,263 shares during the last quarter. Geode Capital Management LLC increased its position in shares of California Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer's stock worth $83,344,000 after purchasing an additional 13,116 shares during the last quarter. Finally, Sourcerock Group LLC increased its position in shares of California Resources by 6.5% during the 4th quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer's stock worth $56,298,000 after purchasing an additional 65,981 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on CRC. Mizuho lowered their price target on California Resources from $64.00 to $60.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Royal Bank of Canada lowered their price target on California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research report on Friday, April 11th. Roth Capital reaffirmed a "buy" rating on shares of California Resources in a research report on Wednesday, May 7th. Truist Financial raised California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Finally, Wall Street Zen lowered California Resources from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $61.27.

California Resources Stock Performance

CRC traded down $1.40 during trading on Wednesday, hitting $44.27. The stock had a trading volume of 343,503 shares, compared to its average volume of 877,326. The company has a 50 day moving average price of $38.88 and a 200-day moving average price of $46.31. The firm has a market cap of $3.95 billion, a price-to-earnings ratio of 6.97, a P/E/G ratio of 1.02 and a beta of 1.06. California Resources Co. has a one year low of $30.97 and a one year high of $60.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.24. The business had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm's quarterly revenue was up 100.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.75 EPS. As a group, research analysts predict that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a $0.3875 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.55 annualized dividend and a yield of 3.50%. California Resources's dividend payout ratio (DPR) is presently 28.13%.

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.