Private Management Group Inc. Buys 91,737 Shares of California Resources Corporation (NYSE:CRC)

Key Points

• Private Management Group Inc. increased its stake in California Resources Corporation by 11.5%, acquiring an additional 91,737 shares, bringing its total ownership to 888,903 shares.
• Analysts have mixed ratings on California Resources, with Barclays upgrading the stock from "equal weight" to "overweight" and raising the price target to $60.00.
• The company reported a net income margin of 13.70% and a revenue surge of 100.9% year-over-year, with an EPS of $1.07 for the last quarter.

Private Management Group Inc. raised its position in shares of California Resources Corporation (NYSE:CRC - Free Report) by 11.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 888,903 shares of the oil and gas producer's stock after buying an additional 91,737 shares during the period. California Resources comprises 1.4% of Private Management Group Inc.'s portfolio, making the stock its 12th biggest position. Private Management Group Inc. owned about 0.98% of California Resources worth $39,085,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. KLP Kapitalforvaltning AS increased its holdings in shares of California Resources by 34.9% during the first quarter. KLP Kapitalforvaltning AS now owns 17,400 shares of the oil and gas producer's stock worth $765,000 after buying an additional 4,500 shares in the last quarter. Allianz Asset Management GmbH grew its stake in shares of California Resources by 78.7% during the first quarter. Allianz Asset Management GmbH now owns 30,660 shares of the oil and gas producer's stock valued at $1,348,000 after purchasing an additional 13,500 shares during the last quarter. South Dakota Investment Council bought a new stake in shares of California Resources during the first quarter valued at approximately $334,000. Jennison Associates LLC grew its stake in shares of California Resources by 13.0% during the first quarter. Jennison Associates LLC now owns 242,343 shares of the oil and gas producer's stock valued at $10,656,000 after purchasing an additional 27,907 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake 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 purchasing an additional 44,938 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CRC. UBS Group set a $58.00 price objective on shares of California Resources and gave the company a "buy" rating in a research note on Monday, July 14th. Roth Capital reaffirmed a "buy" rating on shares of California Resources in a research note on Saturday, July 19th. Barclays raised shares of California Resources from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $50.00 to $60.00 in a research note on Friday, May 30th. Truist Financial raised shares of California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Finally, JPMorgan Chase & Co. upgraded shares of California Resources from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $60.00 to $63.00 in a report on Tuesday, July 15th. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $62.27.

California Resources Stock Down 1.2%

CRC stock traded down $0.62 during midday trading on Friday, hitting $49.38. The company's stock had a trading volume of 563,447 shares, compared to its average volume of 977,435. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.83 and a quick ratio of 0.74. California Resources Corporation has a twelve month low of $30.97 and a twelve month high of $60.41. The company's fifty day moving average price is $45.99 and its 200 day moving average price is $44.29. The stock has a market capitalization of $4.40 billion, a P/E ratio of 8.96 and a beta of 1.16.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, beating analysts' consensus estimates of $0.83 by $0.24. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The company had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. During the same quarter last year, the firm posted $0.75 EPS. The company's quarterly revenue was up 100.9% on a year-over-year basis. As a group, equities research analysts predict that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were given a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date was Friday, May 30th. California Resources's dividend payout ratio (DPR) is presently 28.13%.

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.