Nuveen LLC purchased a new stake in California Resources Corporation (NYSE:CRC - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 642,566 shares of the oil and gas producer's stock, valued at approximately $28,254,000. Nuveen LLC owned 0.71% of California Resources as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in the business. Aigen Investment Management LP purchased a new stake in California Resources during the 1st quarter worth approximately $350,000. Virtu Financial LLC acquired a new stake in California Resources during the 1st quarter worth $315,000. Swiss National Bank raised its position in California Resources by 0.6% during the 1st quarter. Swiss National Bank now owns 124,000 shares of the oil and gas producer's stock worth $5,452,000 after buying an additional 700 shares during the last quarter. Levin Capital Strategies L.P. raised its position in California Resources by 2.0% during the 1st quarter. Levin Capital Strategies L.P. now owns 76,342 shares of the oil and gas producer's stock worth $3,357,000 after buying an additional 1,494 shares during the last quarter. Finally, New Age Alpha Advisors LLC purchased a new position in shares of California Resources in the 1st quarter valued at about $454,000. 97.79% of the stock is owned by hedge funds and other institutional investors.
California Resources Price Performance
CRC stock traded up $1.52 during trading on Friday, hitting $49.61. The company had a trading volume of 190,202 shares, compared to its average volume of 944,583. The firm has a market capitalization of $4.15 billion, a price-to-earnings ratio of 6.78 and a beta of 1.16. The business has a 50 day moving average of $47.65 and a 200 day moving average of $43.79. California Resources Corporation has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.26.
California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The business had revenue of $978.00 million during the quarter, compared to the consensus estimate of $820.93 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. The company's quarterly revenue was up 90.3% compared to the same quarter last year. As a group, research analysts predict that California Resources Corporation will post 3.85 earnings per share for the current year.
California Resources Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders 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 yield of 3.1%. The ex-dividend date is Wednesday, August 27th. California Resources's payout ratio is presently 21.17%.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on CRC shares. Bank of America cut their price target on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. JPMorgan Chase & Co. raised shares of California Resources from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $60.00 to $63.00 in a research report on Tuesday, July 15th. Mizuho raised their price target on shares of California Resources from $61.00 to $64.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Roth Capital restated a "buy" rating on shares of California Resources in a report on Saturday, July 19th. Finally, Truist Financial upgraded shares of California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $63.00.
View Our Latest Stock Report on California Resources
About California Resources
(
Free Report)
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.
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