Orbis Allan Gray Ltd Increases Stock Holdings in California Resources Corporation $CRC

Key Points

• Orbis Allan Gray Ltd increased its stake in California Resources Corporation by 3.0%, now holding approximately 1.34% of the company, valued at $52.7 million.
• An array of hedge funds have also adjusted their positions, with Lazard Asset Management LLC increasing their holdings by a staggering 52,366.7%.
• California Resources recently reported a $1.10 EPS for the quarter, exceeding estimates and achieving a 90.3% year-over-year revenue increase.

Orbis Allan Gray Ltd raised its holdings in shares of California Resources Corporation (NYSE:CRC - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,198,841 shares of the oil and gas producer's stock after acquiring an additional 34,593 shares during the period. Orbis Allan Gray Ltd owned approximately 1.34% of California Resources worth $52,713,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Larson Financial Group LLC lifted its stake in shares of California Resources by 269.4% in the 1st quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock valued at $28,000 after purchasing an additional 466 shares during the period. Harbor Capital Advisors Inc. lifted its stake in shares of California Resources by 68.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock valued at $34,000 after purchasing an additional 316 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of California Resources in the 1st quarter valued at $79,000. Lazard Asset Management LLC lifted its stake 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 valued at $81,000 after purchasing an additional 1,571 shares during the period. Finally, State of Wyoming acquired a new position in shares of California Resources in the 4th quarter valued at $131,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on CRC. Barclays upgraded shares of California Resources from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $50.00 to $60.00 in a research note on Friday, May 30th. Wall Street Zen cut shares of California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Mizuho boosted their target price on shares of California Resources from $61.00 to $64.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. JPMorgan Chase & Co. upgraded shares of California Resources from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $60.00 to $63.00 in a research note on Tuesday, July 15th. Finally, Truist Financial upgraded shares of California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $63.00.

California Resources Price Performance

Shares of California Resources stock traded up $0.32 during trading hours on Tuesday, reaching $50.00. 529,969 shares of the company's stock were exchanged, compared to its average volume of 938,068. California Resources Corporation has a 1 year low of $30.97 and a 1 year high of $60.41. The company has a market capitalization of $4.18 billion, a P/E ratio of 6.83 and a beta of 1.16. The business has a fifty day moving average of $48.09 and a two-hundred day moving average of $43.84. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26.

California Resources (NYSE:CRC - Get Free Report) last released its earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analyst estimates of $820.93 million. During the same quarter in the prior year, the firm earned $0.60 earnings per share. The company's revenue for the quarter 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 fiscal year.

California Resources Dividend Announcement

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

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.