MQS Management LLC Buys Shares of 6,921 California Resources Corporation (NYSE:CRC)

MQS Management LLC purchased a new position in California Resources Corporation (NYSE:CRC - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 6,921 shares of the oil and gas producer's stock, valued at approximately $304,000.

Other large investors have also recently modified their holdings of the company. Summit Investment Advisors Inc. raised its stake in shares of California Resources by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,217 shares of the oil and gas producer's stock worth $374,000 after purchasing an additional 228 shares during the last quarter. SummerHaven Investment Management LLC lifted its position in shares of California Resources by 1.9% in the first quarter. SummerHaven Investment Management LLC now owns 15,335 shares of the oil and gas producer's stock valued at $674,000 after acquiring an additional 293 shares in the last quarter. New York State Teachers Retirement System lifted its position in shares of California Resources by 1.4% in the first quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer's stock valued at $967,000 after acquiring an additional 300 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of California Resources by 68.8% in the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock worth $34,000 after buying an additional 316 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its position in shares of California Resources by 5.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 6,929 shares of the oil and gas producer's stock worth $360,000 after buying an additional 372 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CRC shares. Citigroup upped 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. Royal Bank Of Canada dropped their price objective on California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research note on Friday, April 11th. JPMorgan Chase & Co. raised California Resources from a "neutral" rating to an "overweight" rating and increased their target price for the company from $60.00 to $63.00 in a research report on Tuesday. Roth Capital reissued a "buy" rating on shares of California Resources in a research report on Wednesday, May 7th. Finally, Barclays raised California Resources from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $50.00 to $60.00 in a research report on Friday, May 30th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, California Resources has an average rating of "Buy" and a consensus price target of $62.27.

California Resources Price Performance

CRC stock traded up $1.00 during trading on Friday, hitting $49.03. The stock had a trading volume of 297,182 shares, compared to its average volume of 837,903. The stock has a market capitalization of $4.37 billion, a P/E ratio of 8.91 and a beta of 1.16. The company's 50-day moving average price is $45.15 and its two-hundred day moving average price is $44.45. California Resources Corporation has a twelve month low of $30.97 and a twelve month high of $60.41. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.83 and a quick ratio of 0.74.

California Resources (NYSE:CRC - Get Free Report) last issued its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 11.45% and a net margin of 13.70%. The business's revenue for the quarter was up 100.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.75 EPS. As a group, research analysts predict that California Resources Corporation will post 3.85 EPS for the current fiscal 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 given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend was Friday, May 30th. California Resources's payout ratio is presently 28.13%.

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.