Maven Securities LTD Grows Position in California Resources Corporation $CRC

Key Points

• Maven Securities LTD increased its holdings in California Resources Corporation (NYSE:CRC) by 106.4% during the 1st quarter, amassing shares worth $454,000.
• California Resources reported a 90.3% year-over-year increase in revenue, totaling $978 million, and earnings per share (EPS) of $1.10 for the last quarter, surpassing analyst expectations.
• The company declared a quarterly dividend of $0.3875 per share, with a dividend yield of 3.3% and a payout ratio of 21.17%.

Maven Securities LTD boosted its stake in shares of California Resources Corporation (NYSE:CRC - Free Report) by 106.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,318 shares of the oil and gas producer's stock after buying an additional 5,318 shares during the period. Maven Securities LTD's holdings in California Resources were worth $454,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its position in California Resources by 269.4% during the 1st quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock valued at $28,000 after buying an additional 466 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in California Resources by 68.8% during the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock valued at $34,000 after buying an additional 316 shares in the last quarter. Lazard Asset Management LLC increased its holdings in shares of California Resources by 52,366.7% in the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock worth $81,000 after purchasing an additional 1,571 shares in the last quarter. Sterling Capital Management LLC increased its holdings in shares of California Resources by 833.2% in the 4th quarter. Sterling Capital Management LLC now owns 2,221 shares of the oil and gas producer's stock worth $115,000 after purchasing an additional 1,983 shares in the last quarter. Finally, State of Wyoming bought a new stake in shares of California Resources in the 4th quarter worth $131,000. Institutional investors own 97.79% of the company's stock.

Wall Street Analysts Forecast Growth

CRC has been the subject of a number of research analyst reports. Citigroup lifted their target price on California Resources from $44.00 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Mizuho lifted their target price on California Resources from $61.00 to $64.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. JPMorgan Chase & Co. raised California Resources from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $60.00 to $63.00 in a report on Tuesday, July 15th. Wall Street Zen lowered California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. Finally, Bank of America reduced their target price on California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $63.00.

California Resources Stock Performance

Shares of CRC traded up $1.7430 during trading hours on Friday, hitting $49.8330. The stock had a trading volume of 672,710 shares, compared to its average volume of 869,824. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.78 and a quick ratio of 0.68. California Resources Corporation has a 12 month low of $30.97 and a 12 month high of $60.41. The firm has a market capitalization of $4.17 billion, a PE ratio of 6.81 and a beta of 1.16. The stock has a fifty day moving average price of $47.70 and a 200 day moving average price of $43.77.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 EPS for the quarter, topping the consensus estimate of $0.91 by $0.19. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The company had revenue of $978.00 million during the quarter, compared to analyst estimates of $820.93 million. During the same quarter in the previous year, the company posted $0.60 earnings per share. California Resources's revenue was up 90.3% compared to the same quarter last year. Analysts anticipate that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Wednesday, August 27th will be issued a $0.3875 dividend. The ex-dividend date of this dividend is Wednesday, August 27th. This represents a $1.55 annualized dividend and a dividend yield of 3.1%. California Resources's payout ratio is presently 21.17%.

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.