10,315 Shares in California Resources Corporation (NYSE:CRC) Bought by New Age Alpha Advisors LLC

Key Points

• New Age Alpha Advisors LLC has acquired a new stake in California Resources Corporation (NYSE:CRC), purchasing 10,315 shares valued at approximately $454,000.
• California Resources has seen significant investments from other firms, with Larson Financial Group increasing its holdings by 269.4%, while Lazard Asset Management boosted its position by an astonishing 52,366.7%.
• The firm announced a quarterly dividend of $0.3875 per share, representing a 3.3% dividend yield and a payout ratio of 21.17%.

New Age Alpha Advisors LLC purchased a new stake in California Resources Corporation (NYSE:CRC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 10,315 shares of the oil and gas producer's stock, valued at approximately $454,000.

Several other large investors also recently made changes to their positions in CRC. First Trust Advisors LP increased its stake in shares of California Resources by 14.2% in 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 purchasing an additional 845,694 shares during the period. Palo Duro Investment Partners LP acquired a new position in shares of California Resources during the fourth quarter valued at approximately $20,752,000. Balyasny Asset Management L.P. increased its stake in shares of California Resources by 285.5% during 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 acquiring an additional 235,955 shares during the period. JPMorgan Chase & Co. increased its stake in shares of California Resources by 158.7% during 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 acquiring an additional 229,940 shares during the period. Finally, Millennium Management LLC increased its stake in shares of California Resources by 1,679.8% during the fourth quarter. Millennium Management LLC now owns 190,443 shares of the oil and gas producer's stock valued at $9,882,000 after acquiring an additional 179,743 shares during the period. Institutional investors and hedge funds own 97.79% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on CRC shares. Truist Financial upgraded shares of California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Barclays upgraded shares of California Resources from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $50.00 to $60.00 in a research report on Friday, May 30th. JPMorgan Chase & Co. upgraded shares of California Resources from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $60.00 to $63.00 in a research report on Tuesday, July 15th. Bank of America decreased their price objective on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Finally, Citigroup raised their price objective on shares of California Resources from $44.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $62.82.

California Resources Stock Down 0.0%

Shares of California Resources stock traded down $0.00 during midday trading on Wednesday, reaching $48.50. 193,307 shares of the company's stock traded hands, compared to its average volume of 953,672. The company has a market cap of $4.06 billion, a price-to-earnings ratio of 6.63 and a beta of 1.16. The company's 50 day simple moving average is $47.21 and its 200 day simple moving average is $43.85. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.68 and a current ratio of 0.78. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.19. The business had revenue of $978.00 million for the quarter, compared to the consensus estimate of $820.93 million. California Resources had a net margin of 16.14% and a return on equity of 11.95%. California Resources's revenue for the quarter was up 90.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 EPS. Equities analysts expect that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently announced 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. This represents a $1.55 annualized dividend and a yield of 3.2%. The ex-dividend date is Wednesday, August 27th. California Resources's dividend payout ratio (DPR) is 21.17%.

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.