Jefferies Financial Group Inc. Takes Position in California Resources Corporation (NYSE:CRC)

Key Points

• Jefferies Financial Group Inc. has acquired a new stake in California Resources Corporation by purchasing 73,943 shares, valued at approximately $3.25 million, representing about 0.08% of the company's stock.
• California Resources Corporation reported $1.07 earnings per share for the last quarter, exceeding analysts' expectations of $0.83, with its revenue increasing by 100.9% year-over-year.
• The company announced a quarterly dividend of $0.3875 per share, translating to an annualized yield of 3.3% and a dividend payout ratio of 28.13%.

Jefferies Financial Group Inc. purchased a new position in shares of California Resources Corporation (NYSE:CRC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 73,943 shares of the oil and gas producer's stock, valued at approximately $3,251,000. Jefferies Financial Group Inc. owned 0.08% of California Resources as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of CRC. First Trust Advisors LP boosted its position 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 worth $353,800,000 after purchasing an additional 845,694 shares during the period. Palo Duro Investment Partners LP bought a new stake in shares of California Resources in the fourth quarter valued at approximately $20,752,000. Balyasny Asset Management L.P. lifted its position in 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 worth $16,532,000 after purchasing an additional 235,955 shares during the period. JPMorgan Chase & Co. lifted its position in 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 worth $19,448,000 after purchasing an additional 229,940 shares during the period. Finally, ExodusPoint Capital Management LP bought a new position in California Resources in the fourth quarter worth $10,014,000. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Trading Down 0.2%

CRC traded down $0.09 during midday trading on Thursday, reaching $48.70. 38,531 shares of the company were exchanged, compared to its average volume of 954,949. 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 one year low of $30.97 and a one year high of $60.41. The stock has a market capitalization of $4.34 billion, a P/E ratio of 6.68 and a beta of 1.16. The stock's 50-day simple moving average is $46.95 and its 200 day simple moving average is $44.08.

California Resources (NYSE:CRC - Get Free Report) last issued its earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.19. California Resources had a return on equity of 11.85% and a net margin of 16.14%. The firm had revenue of $978.00 million for the quarter, compared to analysts' expectations of $820.93 million. During the same quarter last year, the business earned $0.60 earnings per share. The company's revenue was up 90.3% compared to the same quarter last year. As a group, analysts forecast 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 will be paid on Friday, September 12th. Stockholders of record on Wednesday, August 27th will be issued a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Wednesday, August 27th. California Resources's payout ratio is 21.17%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Citigroup increased their price objective on California Resources from $44.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. JPMorgan Chase & Co. upgraded California Resources from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $60.00 to $63.00 in a research note on Tuesday, July 15th. Royal Bank Of Canada dropped their price objective on California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, April 11th. Truist Financial upgraded California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Finally, Bank of America lowered their target price on California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research note 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target 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.