Public Sector Pension Investment Board Grows Stock Holdings in California Resources Corporation $CRC

Key Points

• The Public Sector Pension Investment Board increased its holdings in California Resources Corporation by 26.8%, now owning 226,058 shares valued at approximately $9.94 million.
• California Resources reported a 90.3% increase in revenue year-over-year, with earnings per share of $1.10, surpassing estimates by $0.19.
• The company announced a quarterly dividend of $0.3875 per share, yielding about 3.2% annually, with a payout ratio of 21.17%.

Public Sector Pension Investment Board boosted its holdings in shares of California Resources Corporation (NYSE:CRC - Free Report) by 26.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 226,058 shares of the oil and gas producer's stock after buying an additional 47,809 shares during the period. Public Sector Pension Investment Board owned approximately 0.25% of California Resources worth $9,940,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of CRC. Larson Financial Group LLC boosted its holdings in California Resources by 269.4% during the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock worth $28,000 after purchasing an additional 466 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in California Resources by 68.8% during the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock worth $34,000 after purchasing an additional 316 shares during the period. Lazard Asset Management LLC lifted its position in shares of California Resources by 52,366.7% during the fourth quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock worth $81,000 after acquiring an additional 1,571 shares in the last quarter. Sterling Capital Management LLC lifted its position in shares of California Resources by 833.2% during the fourth quarter. Sterling Capital Management LLC now owns 2,221 shares of the oil and gas producer's stock worth $115,000 after acquiring an additional 1,983 shares in the last quarter. Finally, State of Wyoming bought a new stake in California Resources during the 4th quarter worth approximately $131,000. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Stock Performance

CRC stock traded down $0.19 on Monday, hitting $48.05. The company had a trading volume of 119,639 shares, compared to its average volume of 948,499. California Resources Corporation has a 12-month low of $30.97 and a 12-month 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 stock's 50-day simple moving average is $47.47 and its 200 day simple moving average is $43.74. The stock has a market cap of $4.02 billion, a price-to-earnings ratio of 6.57 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 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 for the quarter, compared to the consensus estimate of $820.93 million. During the same period last year, the firm earned $0.60 earnings per share. The company's quarterly revenue was up 90.3% on a year-over-year basis. As a group, equities research analysts expect that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Wednesday, August 27th will be paid a dividend of $0.3875 per share. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.2%. California Resources's payout ratio is 21.17%.

Analyst Ratings Changes

Several research firms have issued reports on CRC. 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 research note on Tuesday, July 15th. Truist Financial upgraded shares of California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. UBS Group reiterated a "buy" rating and issued a $61.00 target price (up previously from $58.00) on shares of California Resources in a research report on Friday, August 8th. Wall Street Zen lowered shares of California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. Finally, Roth Capital reiterated a "buy" rating on shares of California Resources in a report on Saturday, July 19th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $62.82.

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.