Adage Capital Partners GP L.L.C. Purchases 50,000 Shares of California Resources Corporation $CRC

Key Points

• Adage Capital Partners increased its holdings in California Resources Corporation by 50% during the first quarter, now owning 150,000 shares valued at approximately $6.6 million.
• California Resources recently reported an earnings per share of $1.10, exceeding estimates and showcasing a 90.3% revenue increase year-over-year, with quarterly revenue of $978 million.
• The company announced a quarterly dividend of $0.3875, which is set to yield 3.2% annually and reflects a payout ratio of 21.17%.

Adage Capital Partners GP L.L.C. lifted its stake in California Resources Corporation (NYSE:CRC - Free Report) by 50.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 150,000 shares of the oil and gas producer's stock after buying an additional 50,000 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.17% of California Resources worth $6,596,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. American Century Companies Inc. lifted its position in California Resources by 10.7% during the first quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer's stock worth $113,274,000 after purchasing an additional 248,448 shares during the period. Orbis Allan Gray Ltd lifted its stake in California Resources by 3.0% during the first quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer's stock worth $52,713,000 after purchasing an additional 34,593 shares during the last quarter. Sourcerock Group LLC boosted its holdings in shares of California Resources by 6.5% in the 4th quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer's stock valued at $56,298,000 after purchasing an additional 65,981 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of California Resources by 4.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer's stock valued at $46,780,000 after purchasing an additional 44,938 shares during the last quarter. Finally, Private Management Group Inc. grew its position in California Resources by 11.5% in the first quarter. Private Management Group Inc. now owns 888,903 shares of the oil and gas producer's stock valued at $39,085,000 after acquiring an additional 91,737 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Trading Up 1.2%

Shares of NYSE CRC traded up $0.62 during trading on Friday, reaching $53.04. The company had a trading volume of 969,907 shares, compared to its average volume of 822,172. The company's fifty day moving average price is $48.96 and its 200-day moving average price is $44.10. California Resources Corporation has a 12 month low of $30.97 and a 12 month high of $60.41. The stock has a market cap of $4.44 billion, a P/E ratio of 7.25 and a beta of 1.16. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.19. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The company had revenue of $978.00 million during the quarter, compared to the consensus estimate of $820.93 million. During the same period last year, the company earned $0.60 earnings per share. The firm's revenue was up 90.3% compared to the same quarter last year. As a group, research analysts expect that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Wednesday, August 27th will be given a $0.3875 dividend. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.9%. California Resources's payout ratio is 21.17%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Citigroup raised their price target on shares of California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Roth Capital reissued a "buy" rating on shares of California Resources in a research note on Saturday, July 19th. JPMorgan Chase & Co. raised shares of California Resources from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $60.00 to $63.00 in a research note on Tuesday, July 15th. Wall Street Zen downgraded shares of California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. Finally, UBS Group increased their price target on California Resources from $61.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $63.91.

About California Resources

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.