XTX Topco Ltd Grows Stock Holdings in California Resources Corporation (NYSE:CRC)

Key Points

• XTX Topco Ltd increased its stake in California Resources Corporation (NYSE:CRC) by 65.8%, owning 28,664 shares worth $1.26 million after acquiring an additional 11,377 shares in the first quarter.
• California Resources reported a quarterly EPS of $1.07, surpassing analyst estimates by $0.24, with revenue up by 100.9% year-over-year to $912 million.
• The company declared a quarterly dividend of $0.3875 per share, representing an annualized dividend of $1.55 and a yield of 3.3%.

XTX Topco Ltd grew its position in California Resources Corporation (NYSE:CRC - Free Report) by 65.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 28,664 shares of the oil and gas producer's stock after acquiring an additional 11,377 shares during the period. XTX Topco Ltd's holdings in California Resources were worth $1,260,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of CRC. First Trust Advisors LP grew its holdings in California Resources by 14.2% during the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer's stock worth $353,800,000 after acquiring an additional 845,694 shares during the period. Geode Capital Management LLC grew its holdings in California Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer's stock worth $83,344,000 after acquiring an additional 13,116 shares during the period. Sourcerock Group LLC grew its holdings in California Resources by 6.5% during the 4th quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer's stock worth $56,298,000 after acquiring an additional 65,981 shares during the period. Victory Capital Management Inc. grew its holdings in California Resources by 4.4% during the 1st quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer's stock worth $46,780,000 after acquiring an additional 44,938 shares during the period. Finally, Private Management Group Inc. grew its holdings in California Resources by 11.5% during the 1st quarter. Private Management Group Inc. now owns 888,903 shares of the oil and gas producer's stock worth $39,085,000 after acquiring an additional 91,737 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CRC. Mizuho increased their price objective on shares of California Resources from $60.00 to $61.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. Truist Financial raised shares of California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Royal Bank Of Canada cut their price objective on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research report on Friday, April 11th. UBS Group increased their price objective on shares of California Resources from $51.00 to $58.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Finally, Barclays raised shares of California Resources from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $50.00 to $60.00 in a research report on Friday, May 30th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $62.27.

California Resources Stock Performance

Shares of California Resources stock traded up $0.36 during mid-day trading on Monday, hitting $47.18. 1,061,445 shares of the stock were exchanged, compared to its average volume of 917,745. California Resources Corporation has a 12 month low of $30.97 and a 12 month high of $60.41. The company has a 50-day simple moving average of $46.62 and a 200 day simple moving average of $44.06. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.74 and a current ratio of 0.83. The company has a market capitalization of $4.21 billion, a P/E ratio of 8.56 and a beta of 1.16.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, topping the consensus estimate of $0.83 by $0.24. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The firm had revenue of $912.00 million for the quarter, compared to analysts' expectations of $862.14 million. During the same quarter last year, the firm earned $0.75 EPS. The company's quarterly revenue was up 100.9% compared to the same quarter last year. Sell-side analysts anticipate that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were paid a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Friday, May 30th. California Resources's payout ratio is currently 28.13%.

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.