Edgestream Partners L.P. Buys 45,841 Shares of California Resources Corporation (NYSE:CRC)

Edgestream Partners L.P. grew its stake in California Resources Corporation (NYSE:CRC - Free Report) by 30.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 197,780 shares of the oil and gas producer's stock after buying an additional 45,841 shares during the period. Edgestream Partners L.P. owned 0.22% of California Resources worth $8,696,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in California Resources by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer's stock worth $484,953,000 after buying an additional 225,620 shares during the last quarter. First Trust Advisors LP grew its stake in California Resources by 14.2% in the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer's stock valued at $353,800,000 after acquiring an additional 845,694 shares during the last quarter. American Century Companies Inc. grew its stake in California Resources by 14.2% in the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer's stock valued at $120,785,000 after acquiring an additional 290,263 shares during the last quarter. Geode Capital Management LLC grew its stake in California Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer's stock valued at $83,344,000 after acquiring an additional 13,116 shares during the last quarter. Finally, Sourcerock Group LLC grew its stake in California Resources by 6.5% in the 4th quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer's stock valued at $56,298,000 after acquiring an additional 65,981 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Stock Up 2.0%

Shares of CRC stock traded up $0.95 during mid-day trading on Thursday, reaching $47.56. 152,456 shares of the company were exchanged, compared to its average volume of 836,570. The company has a market capitalization of $4.24 billion, a P/E ratio of 8.63 and a beta of 1.16. The business's 50 day simple moving average is $45.01 and its 200 day simple moving average is $44.46. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.74 and a current ratio of 0.83. California Resources Corporation has a fifty-two week low of $30.97 and a fifty-two week high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.24. The business had revenue of $912.00 million for the quarter, compared to analysts' expectations of $862.14 million. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The company's revenue was up 100.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.75 earnings per share. Research analysts predict that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were paid a dividend of $0.3875 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.55 annualized dividend and a yield of 3.26%. California Resources's dividend payout ratio (DPR) is presently 28.13%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Mizuho raised their price target on shares of California Resources from $60.00 to $61.00 and gave the stock an "outperform" rating in a research note on Monday. UBS Group set a $58.00 price target on shares of California Resources and gave the stock a "buy" rating in a research note on Monday. Citigroup raised their target price on shares of California Resources from $36.00 to $44.00 and gave the stock a "neutral" rating in a research report on Monday, May 19th. Roth Capital reissued a "buy" rating on shares of California Resources in a research report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. raised shares of California Resources from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $60.00 to $63.00 in a research report on Tuesday. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $62.00.

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.