Aigen Investment Management LP Buys Shares of 7,965 California Resources Corporation $CRC

Key Points

• Aigen Investment Management LP has invested $350,000 in California Resources Corporation by acquiring 7,965 shares in the first quarter.
• Analysts have set a new consensus price target of $62.82 for California Resources, with multiple firms upgrading their ratings and price targets in recent reports.
• The company reported a 90.3% year-over-year increase in quarterly revenue, reaching $978 million, and beat earnings expectations with $1.10 per share.

Aigen Investment Management LP bought a new position in shares of California Resources Corporation (NYSE:CRC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,965 shares of the oil and gas producer's stock, valued at approximately $350,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in shares of California Resources by 2.1% in the 1st quarter. Principal Financial Group Inc. now owns 384,200 shares of the oil and gas producer's stock valued at $16,893,000 after buying an additional 8,047 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in California Resources by 50.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 10,211 shares of the oil and gas producer's stock valued at $463,000 after acquiring an additional 3,436 shares during the last quarter. New York State Teachers Retirement System boosted its stake in California Resources by 1.4% in the first quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer's stock valued at $967,000 after acquiring an additional 300 shares in the last quarter. KBC Group NV grew its holdings in shares of California Resources by 41.3% during the first quarter. KBC Group NV now owns 3,569 shares of the oil and gas producer's stock worth $157,000 after purchasing an additional 1,043 shares during the last quarter. Finally, Crossmark Global Holdings Inc. increased its position in shares of California Resources by 17.4% during the first quarter. Crossmark Global Holdings Inc. now owns 4,823 shares of the oil and gas producer's stock worth $212,000 after purchasing an additional 716 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Stock Performance

NYSE:CRC traded down $0.17 during mid-day trading on Monday, reaching $48.06. The stock had a trading volume of 119,639 shares, compared to its average volume of 948,499. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.68 and a current ratio of 0.78. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of 6.57 and a beta of 1.16. California Resources Corporation has a twelve month low of $30.97 and a twelve month high of $60.41. The business has a 50 day simple moving average of $47.47 and a 200 day simple moving average of $43.74.

California Resources (NYSE:CRC - Get Free Report) last issued its earnings results 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 business had revenue of $978.00 million during the quarter, compared to the consensus estimate of $820.93 million. During the same period in the prior year, the business posted $0.60 EPS. The company's revenue for the quarter was up 90.3% on a year-over-year basis. On average, analysts expect that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th will be given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Wednesday, August 27th. California Resources's payout ratio is presently 21.17%.

Analysts Set New Price Targets

Several research analysts have commented on CRC shares. JPMorgan Chase & Co. raised California Resources from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $60.00 to $63.00 in a research report on Tuesday, July 15th. Mizuho upped their price target on shares of California Resources from $61.00 to $64.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Bank of America decreased their price target on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. UBS Group restated a "buy" rating and issued a $61.00 price objective (up from $58.00) on shares of California Resources in a research note on Friday, August 8th. Finally, Barclays upgraded shares of California Resources from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $50.00 to $60.00 in a research note on Friday, May 30th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $62.82.

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.