34,080 Shares in California Resources Corporation $CRC Purchased by Algert Global LLC

Key Points

• Algert Global LLC has invested $1.50 million in California Resources Corporation (NYSE:CRC), acquiring approximately 34,080 shares.
• The company reported $1.10 earnings per share for the most recent quarter, exceeding analyst expectations by $0.19 with revenues of $978 million.
• California Resources has announced a quarterly dividend of $0.3875 per share, representing an annualized yield of 3.1% and a payout ratio of 21.17%.

Algert Global LLC acquired a new position in shares of California Resources Corporation (NYSE:CRC - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 34,080 shares of the oil and gas producer's stock, valued at approximately $1,498,000.

A number of other institutional investors also recently made changes to their positions in CRC. Larson Financial Group LLC grew its position in shares of California Resources by 269.4% during the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock worth $28,000 after buying an additional 466 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in California Resources by 68.8% in the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock valued at $34,000 after acquiring an additional 316 shares in the last quarter. Lazard Asset Management LLC boosted its stake in California Resources by 52,366.7% during the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock valued at $81,000 after acquiring an additional 1,571 shares during the last quarter. State of Wyoming acquired a new position in California Resources during the 4th quarter worth $131,000. Finally, KBC Group NV increased its position in shares of California Resources by 41.3% in the 1st 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. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Stock Performance

NYSE:CRC traded down $0.80 during mid-day trading on Thursday, hitting $49.07. The stock had a trading volume of 152,877 shares, compared to its average volume of 939,338. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.26. The company has a 50 day simple moving average of $47.88 and a 200-day simple moving average of $43.84. The stock has a market capitalization of $4.11 billion, a price-to-earnings ratio of 6.70 and a beta of 1.16. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $60.41.

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

California Resources Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on CRC. Truist Financial upgraded shares of California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Citigroup boosted their price objective on California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. JPMorgan Chase & Co. upgraded California Resources from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $60.00 to $63.00 in a research report on Tuesday, July 15th. Finally, Roth Capital reissued a "buy" rating on shares of California Resources in a research report on Saturday, July 19th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $63.00.

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.