California Resources Corporation $CRC Shares Purchased 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 boosted its holdings in California Resources Corporation (NYSE:CRC - Free Report) by 255.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 677,093 shares of the oil and gas producer's stock after purchasing an additional 486,650 shares during the quarter. Millennium Management LLC owned about 0.76% of California Resources worth $29,772,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. SummerHaven Investment Management LLC boosted its holdings in California Resources by 1.9% in the first quarter. SummerHaven Investment Management LLC now owns 15,335 shares of the oil and gas producer's stock valued at $674,000 after purchasing an additional 293 shares in the last quarter. New York State Teachers Retirement System boosted its holdings 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 purchasing an additional 300 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake 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 buying an additional 316 shares during the last quarter. Xponance Inc. lifted its stake in California Resources by 7.6% in the first quarter. Xponance Inc. now owns 5,304 shares of the oil and gas producer's stock valued at $233,000 after buying an additional 375 shares during the last quarter. Finally, Yousif Capital Management LLC lifted its stake in California Resources by 1.5% in the first quarter. Yousif Capital Management LLC now owns 27,331 shares of the oil and gas producer's stock valued at $1,202,000 after buying an additional 407 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CRC shares. Barclays upgraded California Resources from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $50.00 to $60.00 in a research note on Friday, May 30th. Citigroup boosted their price objective on California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. UBS Group boosted their price objective on California Resources from $61.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Wall Street Zen cut California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Finally, JPMorgan Chase & Co. upgraded California Resources from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $60.00 to $63.00 in a research note on Tuesday, July 15th. 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. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $63.91.

California Resources Stock Up 3.3%

CRC opened at $52.73 on Thursday. The business's fifty day simple moving average is $48.74 and its 200 day simple moving average is $44.01. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $60.41. The firm has a market cap of $4.41 billion, a P/E ratio of 7.20 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 released its earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.19. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The firm had revenue of $978.00 million for the quarter, compared to the consensus estimate of $820.93 million. During the same period in the prior year, the business posted $0.60 earnings per share. The firm's revenue for the quarter was up 90.3% compared to the same quarter last year. As a group, equities research analysts anticipate that California Resources Corporation will post 3.85 EPS 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 dividend of $0.3875 per share. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 annualized dividend and a yield of 2.9%. California Resources's dividend payout ratio is 21.17%.

California Resources Company 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.

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