GAMMA Investing LLC Has $2.22 Million Stake in California Resources Corporation (NYSE:CRC)

GAMMA Investing LLC raised its stake in shares of California Resources Corporation (NYSE:CRC - Free Report) by 4,120.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 50,478 shares of the oil and gas producer's stock after purchasing an additional 49,282 shares during the quarter. GAMMA Investing LLC owned 0.06% of California Resources worth $2,220,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. First Trust Advisors LP increased its stake in California Resources by 14.2% during the fourth 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 period. Palo Duro Investment Partners LP acquired a new stake in shares of California Resources during the 4th quarter worth approximately $20,752,000. American Century Companies Inc. increased its position in shares of California Resources by 14.2% during the fourth 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 purchasing an additional 290,263 shares during the period. Balyasny Asset Management L.P. raised its stake in shares of California Resources by 285.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 318,593 shares of the oil and gas producer's stock valued at $16,532,000 after purchasing an additional 235,955 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of California Resources by 158.7% in the fourth quarter. JPMorgan Chase & Co. now owns 374,793 shares of the oil and gas producer's stock valued at $19,448,000 after purchasing an additional 229,940 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Price Performance

Shares of NYSE CRC traded down $0.02 during trading on Tuesday, reaching $47.08. The company had a trading volume of 803,259 shares, compared to its average volume of 861,118. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $60.41. The business's 50 day moving average price is $40.24 and its 200-day moving average price is $45.42. The stock has a market cap of $4.20 billion, a PE ratio of 8.54 and a beta of 1.17. 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 (NYSE:CRC - Get Free Report) last issued its quarterly earnings results 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. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The business had revenue of $912.00 million during the quarter, compared to analyst estimates of $862.14 million. During the same quarter last year, the business posted $0.75 earnings per share. California Resources's revenue for the quarter was up 100.9% compared to the same quarter last year. Analysts expect that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were paid a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend was Friday, May 30th. California Resources's dividend payout ratio (DPR) is presently 28.13%.

Analyst Ratings Changes

Several brokerages have issued reports on CRC. Royal Bank Of Canada lowered their price target on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a report on Friday, April 11th. Roth Capital reiterated a "buy" rating on shares of California Resources in a research report on Wednesday, May 7th. Wall Street Zen lowered shares of California Resources from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. Mizuho decreased their price objective on California Resources from $64.00 to $60.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Finally, Barclays upgraded California Resources from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $50.00 to $60.00 in a research note on Friday, May 30th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, California Resources currently has a consensus rating of "Moderate Buy" and an average target price of $61.27.

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.