Tejara Capital Ltd Acquires Shares of 25,500 California Resources Corporation $CRC

Key Points

• Tejara Capital Ltd has made a new investment of approximately $1.12 million in California Resources Corporation by purchasing 25,500 shares in the first quarter.
• California Resources reported a strong performance in its latest earnings results, with $1.10 EPS exceeding consensus estimates and a 90.3% year-over-year increase in revenue.
• The company recently declared a quarterly dividend of $0.3875, indicating a 3.2% yield and a payout ratio of 21.17%.

Tejara Capital Ltd acquired a new stake in shares of California Resources Corporation (NYSE:CRC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 25,500 shares of the oil and gas producer's stock, valued at approximately $1,121,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its stake in shares of California Resources by 13.2% during the first quarter. Russell Investments Group Ltd. now owns 150,237 shares of the oil and gas producer's stock worth $6,606,000 after purchasing an additional 17,535 shares during the last quarter. Public Sector Pension Investment Board raised its stake in shares of California Resources by 26.8% during the first quarter. Public Sector Pension Investment Board now owns 226,058 shares of the oil and gas producer's stock worth $9,940,000 after purchasing an additional 47,809 shares during the last quarter. Nuveen LLC purchased a new position in California Resources during the 1st quarter worth $28,254,000. Aigen Investment Management LP purchased a new position in California Resources during the 1st quarter worth $350,000. Finally, Virtu Financial LLC purchased a new position in California Resources during the 1st quarter worth $315,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Price Performance

Shares of CRC stock traded up $0.3160 during mid-day trading on Wednesday, reaching $47.6960. The stock had a trading volume of 800,233 shares, compared to its average volume of 898,767. California Resources Corporation has a 12-month low of $30.97 and a 12-month high of $60.41. The company has a market cap of $3.99 billion, a P/E ratio of 6.52 and a beta of 1.16. The business has a 50-day simple moving average of $47.61 and a 200 day simple moving average of $43.79. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.26.

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

California Resources Dividend Announcement

The company 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. This represents a $1.55 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Wednesday, August 27th. California Resources's payout ratio is 21.17%.

Analyst Ratings Changes

Several research firms recently issued reports on CRC. 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. Mizuho increased their target price on California Resources from $61.00 to $64.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Barclays raised California Resources from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $50.00 to $60.00 in a research note on Friday, May 30th. Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Finally, Roth Capital reiterated a "buy" rating on shares of California Resources in a research report on Saturday, July 19th. Two 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $63.00.

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.