Cubist Systematic Strategies LLC Has $13.48 Million Stake in California Resources Corporation $CRC

Key Points

• Cubist Systematic Strategies LLC increased its stake in California Resources Corporation by 199.4% during the 1st quarter, now holding 306,586 shares valued at approximately $13.5 million.
• Several brokerages have updated their ratings, with Barclays and JPMorgan raising their price targets to $60 and $63, respectively, reflecting a positive outlook for the stock.
• California Resources Corporation's latest earnings report showed an EPS of $1.10, which exceeded expectations and demonstrated significant year-over-year revenue growth of 90.3%.

Cubist Systematic Strategies LLC lifted its position in shares of California Resources Corporation (NYSE:CRC - Free Report) by 199.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 306,586 shares of the oil and gas producer's stock after purchasing an additional 204,200 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.34% of California Resources worth $13,481,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. SummerHaven Investment Management LLC grew its holdings in shares of California Resources by 1.9% during the 1st quarter. SummerHaven Investment Management LLC now owns 15,335 shares of the oil and gas producer's stock worth $674,000 after purchasing an additional 293 shares in the last quarter. New York State Teachers Retirement System boosted its stake in California Resources by 1.4% in the 1st 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 buying an additional 300 shares in the last quarter. Harbor Capital Advisors Inc. boosted 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 valued at $34,000 after buying an additional 316 shares in the last quarter. Xponance Inc. boosted its stake in California Resources by 7.6% in the 1st 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 in the last quarter. Finally, Yousif Capital Management LLC boosted its stake in California Resources by 1.5% in the 1st 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 in the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Trading Up 4.7%

Shares of CRC traded up $2.34 during trading hours on Thursday, hitting $51.54. 1,483,319 shares of the stock traded hands, compared to its average volume of 942,197. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.26. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $60.41. The firm has a market capitalization of $4.31 billion, a PE ratio of 7.04 and a beta of 1.16. The business has a fifty day moving average of $48.26 and a 200-day moving average of $43.92.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, beating 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 business had revenue of $978.00 million for the quarter, compared to analyst estimates of $820.93 million. During the same quarter in the prior year, the firm posted $0.60 earnings per share. The firm's revenue for the quarter was up 90.3% compared to the same quarter last year. Analysts expect that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th will be issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, August 27th. California Resources's payout ratio is currently 21.17%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CRC. Roth Capital reaffirmed a "buy" rating on shares of California Resources in a research note on Saturday, July 19th. Barclays raised California Resources from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $50.00 to $60.00 in a research note on Friday, May 30th. Wall Street Zen lowered California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. JPMorgan Chase & Co. raised California Resources from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $60.00 to $63.00 in a research note on Tuesday, July 15th. Finally, Mizuho boosted their price target on California Resources from $61.00 to $64.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Two 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, California Resources currently has an average rating of "Buy" and an average target price of $63.91.

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.