Teacher Retirement System of Texas Acquires Shares of 9,339 California Resources Corporation (NYSE:CRC)

Teacher Retirement System of Texas acquired a new stake in California Resources Corporation (NYSE:CRC - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The firm acquired 9,339 shares of the oil and gas producer's stock, valued at approximately $411,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of California Resources by 37.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,930 shares of the oil and gas producer's stock worth $878,000 after purchasing an additional 4,613 shares during the last quarter. Swiss National Bank increased its stake in shares of California Resources by 1.1% during the 4th quarter. Swiss National Bank now owns 123,300 shares of the oil and gas producer's stock worth $6,398,000 after purchasing an additional 1,400 shares during the last quarter. Natixis Advisors LLC increased its stake in shares of California Resources by 10.2% during the 4th quarter. Natixis Advisors LLC now owns 12,164 shares of the oil and gas producer's stock worth $631,000 after purchasing an additional 1,122 shares during the last quarter. Cibc World Markets Corp purchased a new stake in shares of California Resources during the 4th quarter worth approximately $335,000. Finally, Thrivent Financial for Lutherans increased its stake in shares of California Resources by 1.2% during the 4th quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer's stock worth $2,869,000 after purchasing an additional 649 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CRC shares. JPMorgan Chase & Co. upgraded shares of California Resources from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $60.00 to $63.00 in a research note on Tuesday, July 15th. Wall Street Zen downgraded shares of California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. Bank of America cut their price target on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Citigroup raised their price target on shares of California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday. Finally, Truist Financial raised shares of California Resources to a "strong-buy" rating in a report on Tuesday, May 6th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, California Resources has an average rating of "Buy" and an average target price of $62.27.

California Resources Trading Down 5.5%

NYSE:CRC traded down $2.82 during trading hours on Monday, reaching $48.44. The company's stock had a trading volume of 1,381,019 shares, compared to its average volume of 850,846. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of 8.79 and a beta of 1.16. The firm has a 50-day simple moving average of $45.37 and a 200-day simple moving average of $44.34. California Resources Corporation has a 1 year low of $30.97 and a 1 year high of $60.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.74 and a current ratio of 0.83.

California Resources (NYSE:CRC - Get Free Report) last issued its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.24. The company had revenue of $912.00 million for the quarter, compared to analysts' expectations of $862.14 million. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The firm's revenue was up 100.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.75 EPS. Research analysts expect that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were given a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date was Friday, May 30th. California Resources's payout ratio is presently 28.13%.

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.