31,600 Shares in California Resources Corporation $CRC Bought by OMERS ADMINISTRATION Corp

Key Points

• OMERS ADMINISTRATION Corp invested approximately $1.39 million in California Resources Corporation, acquiring 31,600 shares during the first quarter.
• California Resources reported a quarterly earnings per share of $1.10, exceeding analyst estimates of $0.91, with a significant revenue increase of 90.3% year-over-year.
• The company declared a quarterly dividend of $0.3875, resulting in an annualized dividend of $1.55, which gives a dividend yield of 3.1% based on current share values.

OMERS ADMINISTRATION Corp bought a new position in shares of California Resources Corporation (NYSE:CRC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 31,600 shares of the oil and gas producer's stock, valued at approximately $1,389,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. American Century Companies Inc. lifted its position in California Resources by 10.7% during the 1st quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer's stock worth $113,274,000 after acquiring an additional 248,448 shares during the last quarter. Sourcerock Group LLC lifted its position in California Resources by 6.5% during the 4th quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer's stock worth $56,298,000 after acquiring an additional 65,981 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of California Resources by 4.4% during the first quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer's stock valued at $46,780,000 after buying an additional 44,938 shares during the last quarter. Private Management Group Inc. raised its position in shares of California Resources by 11.5% during the first quarter. Private Management Group Inc. now owns 888,903 shares of the oil and gas producer's stock valued at $39,085,000 after buying an additional 91,737 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of California Resources by 6.1% during the fourth quarter. Northern Trust Corp now owns 854,661 shares of the oil and gas producer's stock valued at $44,348,000 after buying an additional 48,858 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Price Performance

Shares of CRC traded up $2.34 during mid-day trading on Thursday, hitting $51.54. 1,483,319 shares of the company traded hands, compared to its average volume of 942,197. California Resources Corporation has a one year low of $30.97 and a one year 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. The business has a 50-day moving average of $48.26 and a 200 day moving average of $43.92. The stock has a market capitalization of $4.31 billion, a price-to-earnings ratio of 7.04 and a beta of 1.16.

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 EPS for the quarter, beating 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 for the quarter, compared to analysts' expectations of $820.93 million. During the same period in the prior year, the firm earned $0.60 earnings per share. California Resources's revenue was up 90.3% compared to the same quarter last year. As a group, equities analysts expect that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th will be issued a $0.3875 dividend. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 annualized dividend and a yield of 3.0%. California Resources's dividend payout ratio (DPR) is 21.17%.

Analysts Set New Price Targets

A number of research analysts have recently commented on CRC shares. Wall Street Zen lowered shares of California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. Citigroup increased their price target on shares of California Resources from $44.00 to $47.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Barclays raised shares of California Resources from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $50.00 to $60.00 in a research report on Friday, May 30th. Roth Capital reissued a "buy" rating on shares of California Resources in a research report on Saturday, July 19th. Finally, JPMorgan Chase & Co. raised shares of California Resources from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $60.00 to $63.00 in a research report on Tuesday, July 15th. Two 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. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $63.91.

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.