Russell Investments Group Ltd. Purchases 17,535 Shares of California Resources Corporation $CRC

Key Points

• Russell Investments Group Ltd. increased its ownership in California Resources Corporation by 13.2%, acquiring an additional 17,535 shares, bringing its total to approximately 150,237 shares valued at $6.6 million.
• California Resources reported a strong quarterly performance, with earnings per share of $1.10, exceeding estimates and reflecting a 90.3% revenue increase from the previous year.
• Analysts have a consensus Buy rating for California Resources, with price targets ranging from $47 to $64, indicating positive market sentiment about the stock's potential.

Russell Investments Group Ltd. lifted its position in shares of California Resources Corporation (NYSE:CRC - Free Report) by 13.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 150,237 shares of the oil and gas producer's stock after purchasing an additional 17,535 shares during the quarter. Russell Investments Group Ltd. owned 0.17% of California Resources worth $6,606,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRC. Nuveen LLC bought a new position in shares of California Resources during the first quarter worth $28,254,000. Palo Duro Investment Partners LP bought a new position in shares of California Resources during the fourth quarter worth $20,752,000. Balyasny Asset Management L.P. boosted its position in shares of California Resources by 285.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 318,593 shares of the oil and gas producer's stock worth $16,532,000 after purchasing an additional 235,955 shares in the last quarter. Millennium Management LLC boosted its position in shares of California Resources by 1,679.8% during the fourth quarter. Millennium Management LLC now owns 190,443 shares of the oil and gas producer's stock worth $9,882,000 after purchasing an additional 179,743 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in California Resources by 56.3% in the 4th quarter. Nuveen Asset Management LLC now owns 429,526 shares of the oil and gas producer's stock valued at $22,288,000 after acquiring an additional 154,804 shares in the last quarter. 97.79% of the stock is owned by institutional investors.

California Resources Stock Up 3.6%

NYSE:CRC traded up $1.7430 on Friday, hitting $49.8330. 672,710 shares of the company's stock were exchanged, compared to its average volume of 869,824. The firm has a 50-day moving average price of $47.70 and a 200-day moving average price of $43.77. 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 Corporation has a 52 week low of $30.97 and a 52 week high of $60.41. The company has a market cap of $4.17 billion, a P/E ratio of 6.81 and a beta of 1.16.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 EPS 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 firm had revenue of $978.00 million for the quarter, compared to analysts' expectations of $820.93 million. During the same period in the previous year, the firm posted $0.60 EPS. The company's revenue for the quarter was up 90.3% on a year-over-year basis. As a group, analysts expect that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

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

Analysts Set New Price Targets

Several research firms recently commented on CRC. UBS Group boosted their price objective on shares of California Resources from $61.00 to $63.00 and gave the company a "buy" rating in a research report on Wednesday. Truist Financial raised shares of California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Wall Street Zen cut shares of California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. Roth Capital reaffirmed a "buy" rating on shares of California Resources in a research report on Saturday, July 19th. Finally, Citigroup boosted their price objective on shares of California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $63.00.

California Resources 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.