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

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

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in California Resources by 4,120.6% during the first quarter. GAMMA Investing LLC now owns 50,478 shares of the oil and gas producer's stock valued at $2,220,000 after buying an additional 49,282 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of California Resources in the fourth quarter worth about $1,475,000. GF Fund Management CO. LTD. bought a new position in shares of California Resources in the fourth quarter worth about $1,145,000. GTS Securities LLC bought a new position in shares of California Resources in the fourth quarter worth about $669,000. Finally, Sourcerock Group LLC increased its stake in shares of California Resources by 6.5% in the fourth 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 period. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Trading Down 0.8%

CRC traded down $0.37 on Thursday, hitting $43.92. 763,886 shares of the company were exchanged, compared to its average volume of 877,382. The firm has a fifty day simple moving average of $38.89 and a two-hundred day simple moving average of $46.20. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. California Resources Co. has a 12 month low of $30.97 and a 12 month high of $60.41. The stock has a market capitalization of $3.92 billion, a PE ratio of 6.92, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06.

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

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be issued a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date is Friday, May 30th. California Resources's payout ratio is 28.13%.

Analyst Upgrades and Downgrades

CRC has been the topic of several research reports. Wall Street Zen lowered California Resources from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. Barclays raised California Resources from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $50.00 to $60.00 in a report on Friday, May 30th. Truist Financial upgraded shares of California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. UBS Group boosted their price objective on shares of California Resources from $49.00 to $51.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Finally, Roth Capital restated a "buy" rating on shares of California Resources in a research report on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $61.27.

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.