AlphaQuest LLC Has $79,000 Holdings in California Resources Corporation $CRC

Key Points

• AlphaQuest LLC cut its stake in California Resources Corporation by 87.2%, now holding only 1,792 shares after selling 12,215 shares during the first quarter.
• California Resources reported $1.10 earnings per share for Q2, exceeding estimates of $0.91, with revenue jumping 90.3% year-over-year to $978 million.
• The company announced a quarterly dividend of $0.3875 per share, yielding 3.1% on an annualized basis, with a payout ratio of 21.17%.

AlphaQuest LLC cut its position in California Resources Corporation (NYSE:CRC - Free Report) by 87.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,792 shares of the oil and gas producer's stock after selling 12,215 shares during the period. AlphaQuest LLC's holdings in California Resources were worth $79,000 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 company. American Century Companies Inc. boosted its position in California Resources by 10.7% in the first quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer's stock valued at $113,274,000 after buying an additional 248,448 shares in the last quarter. Sourcerock Group LLC boosted its position in California Resources by 6.5% in the fourth quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer's stock valued at $56,298,000 after buying an additional 65,981 shares in the last quarter. Victory Capital Management Inc. boosted its position in California Resources by 4.4% in the first 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 buying an additional 44,938 shares in the last quarter. Private Management Group Inc. boosted 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 buying an additional 91,737 shares in the last quarter. Finally, Northern Trust Corp boosted its position in California Resources by 6.1% in the fourth quarter. Northern Trust Corp now owns 854,661 shares of the oil and gas producer's stock valued at $44,348,000 after buying an additional 48,858 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CRC. Citigroup boosted their price target on shares of California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Mizuho boosted their target price on shares of California Resources from $61.00 to $64.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Bank of America boosted their target price on shares of California Resources from $53.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday. Barclays raised shares of California Resources from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $50.00 to $60.00 in a research note on Friday, May 30th. Finally, 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. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, California Resources has an average rating of "Buy" and an average target price of $63.91.

California Resources Trading Down 4.9%

Shares of CRC traded down $2.54 on Friday, reaching $49.01. 959,975 shares of the company's stock were exchanged, compared to its average volume of 942,302. 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 stock has a market capitalization of $4.10 billion, a P/E ratio of 6.69 and a beta of 1.16. The business has a 50 day moving average price of $48.38 and a two-hundred day moving average price of $43.94. California Resources Corporation has a 12 month low of $30.97 and a 12 month high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.19. The business had revenue of $978.00 million during the quarter, compared to the consensus estimate 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 for the quarter was up 90.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 earnings per share. Research analysts anticipate that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Wednesday, August 27th will be issued a dividend of $0.3875 per share. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 dividend on an annualized basis and a yield of 3.2%. California Resources's payout ratio is currently 21.17%.

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.