California Resources Corporation (NYSE:CRC) Shares Acquired by XTX Topco Ltd

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 raised its position in shares of California Resources Corporation (NYSE:CRC - Free Report) by 65.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of CRC. GSA Capital Partners LLP increased its position in California Resources by 35.4% during the first quarter. GSA Capital Partners LLP now owns 39,135 shares of the oil and gas producer's stock valued at $1,721,000 after acquiring an additional 10,225 shares during the last quarter. 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 in the last quarter. KLP Kapitalforvaltning AS grew its holdings in California Resources by 34.9% during the 1st quarter. KLP Kapitalforvaltning AS now owns 17,400 shares of the oil and gas producer's stock worth $765,000 after acquiring an additional 4,500 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in California Resources by 78.7% during the 1st quarter. Allianz Asset Management GmbH now owns 30,660 shares of the oil and gas producer's stock worth $1,348,000 after acquiring an additional 13,500 shares in the last quarter. Finally, South Dakota Investment Council bought a new position in California Resources during the 1st quarter worth about $334,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Stock Performance

Shares of California Resources stock traded up $1.01 during midday trading on Wednesday, hitting $48.81. The company had a trading volume of 979,229 shares, compared to its average volume of 957,380. The stock has a market cap of $4.35 billion, a price-to-earnings ratio of 8.84 and a beta of 1.16. The company has a quick ratio of 0.74, a current ratio of 0.83 and a debt-to-equity ratio of 0.25. The company has a fifty day simple moving average of $46.82 and a 200 day simple moving average of $44.04. 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 released its earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 EPS for the quarter, topping analysts' consensus estimates of $0.91 by $0.19. California Resources had a return on equity of 11.45% and a net margin of 13.70%. The firm had revenue of $978.00 million during the quarter, compared to the consensus estimate of $820.93 million. During the same quarter in the previous year, the company posted $0.60 earnings per share. The company's revenue was up 90.3% compared to the same quarter last year. As a group, analysts predict that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CRC. Mizuho increased their target price on shares of California Resources from $60.00 to $61.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. UBS Group raised their price objective on California Resources from $51.00 to $58.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. Citigroup raised their price objective on California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Bank of America dropped their price objective on California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $62.27.

California Resources 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.