California Resources Corporation $CRC Shares Acquired by Millennium Management LLC

Key Points

• Millennium Management LLC increased its stake in California Resources Corporation by 255.5% in Q1 2023, owning approximately 0.76% of the company, valued at about $29.77 million.
• Analysts have upgraded California Resources, with Barclays raising its price target to $60 and JPMorgan Chase boosting it to $63, while maintaining an overall consensus rating of "Buy".
• California Resources announced a quarterly dividend of $0.3875 per share, resulting in an annual yield of 2.9%.

Millennium Management LLC raised its position in California Resources Corporation (NYSE:CRC - Free Report) by 255.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 677,093 shares of the oil and gas producer's stock after buying an additional 486,650 shares during the period. Millennium Management LLC owned about 0.76% of California Resources worth $29,772,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Larson Financial Group LLC lifted its stake in California Resources by 269.4% in the 1st quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock worth $28,000 after purchasing an additional 466 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in California Resources by 68.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock worth $34,000 after purchasing an additional 316 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in California Resources in the 1st quarter worth approximately $79,000. Lazard Asset Management LLC lifted its stake in California Resources by 52,366.7% in the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock worth $81,000 after purchasing an additional 1,571 shares in the last quarter. Finally, State of Wyoming purchased a new position in California Resources in the 4th quarter worth approximately $131,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Trading Down 0.6%

California Resources stock traded down $0.32 during trading on Tuesday, hitting $56.01. The company had a trading volume of 1,597,666 shares, compared to its average volume of 938,894. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $60.41. 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's 50 day simple moving average is $49.33 and its 200-day simple moving average is $44.25. The stock has a market cap of $4.69 billion, a price-to-earnings ratio of 7.65 and a beta of 1.16.

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

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Wednesday, August 27th were issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 2.8%. The ex-dividend date was Wednesday, August 27th. California Resources's dividend payout ratio (DPR) is 21.17%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Barclays raised their target price on shares of California Resources from $60.00 to $66.00 and gave the stock an "overweight" rating in a research note on Tuesday. Roth Capital set a $63.00 target price on shares of California Resources in a research note on Monday. Wall Street Zen lowered shares of California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. JPMorgan Chase & Co. raised shares of California Resources from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $60.00 to $63.00 in a research report on Tuesday, July 15th. Finally, UBS Group lifted their price target on shares of California Resources from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, California Resources currently has a consensus rating of "Buy" and a consensus price target of $65.50.

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.