Pallas Capital Advisors LLC Buys Shares of 7,928 California Resources Corporation $CRC

Key Points

• Pallas Capital Advisors LLC has invested approximately $362,000 in California Resources Corporation by acquiring 7,928 shares.
• California Resources reported a 90.3% increase in revenue year-over-year, reaching $978 million for the quarter, and also surpassed EPS estimates with $1.10 per share.
• Dividends were recently declared at $0.3875 per share, giving the company an annualized dividend yield of 2.8%.

Pallas Capital Advisors LLC acquired a new stake in shares of California Resources Corporation (NYSE:CRC - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 7,928 shares of the oil and gas producer's stock, valued at approximately $362,000.

A number of other hedge funds also recently bought and sold shares of CRC. Nuveen LLC bought a new stake in California Resources in the 1st quarter worth approximately $28,254,000. Millennium Management LLC increased its stake in California Resources by 255.5% in the 1st quarter. Millennium Management LLC now owns 677,093 shares of the oil and gas producer's stock worth $29,772,000 after purchasing an additional 486,650 shares during the period. Brandywine Global Investment Management LLC purchased a new position in California Resources in the 1st quarter worth approximately $14,456,000. Corigliano Investment Advisers LLC increased its stake in California Resources by 390.2% in the 1st quarter. Corigliano Investment Advisers LLC now owns 408,364 shares of the oil and gas producer's stock worth $17,956,000 after purchasing an additional 325,059 shares during the period. Finally, American Century Companies Inc. increased its stake in California Resources by 10.7% in 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 purchasing an additional 248,448 shares during the period. Institutional investors own 97.79% of the company's stock.

California Resources Stock Down 0.5%

Shares of CRC stock traded down $0.28 during mid-day trading on Monday, hitting $54.72. The stock had a trading volume of 1,167,752 shares, compared to its average volume of 1,104,699. California Resources Corporation has a 12-month low of $30.97 and a 12-month high of $60.41. The firm's 50-day moving average is $49.87 and its two-hundred day moving average is $44.63. The firm has a market capitalization of $4.58 billion, a P/E ratio of 12.01 and a beta of 1.16. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.78 and a quick ratio of 0.68.

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

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th were paid a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 2.8%. The ex-dividend date was Wednesday, August 27th. California Resources's payout ratio is presently 21.17%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Citigroup boosted their target price on California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Mizuho set a $71.00 target price on California Resources in a research note on Monday, September 15th. JPMorgan Chase & Co. raised 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. Roth Capital set a $63.00 target price on California Resources in a research note on Monday, September 15th. Finally, UBS Group upped their price target on California Resources from $63.00 to $70.00 and gave the stock a "buy" rating in a research note on Tuesday, September 16th. Three analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $66.58.

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.