Trexquant Investment LP Has $7.13 Million Holdings in California Resources Corporation $CRC

Key Points

• Trexquant Investment LP significantly increased its stake in California Resources Corporation by 1,739.6%, acquiring an additional 153,273 shares, bringing its total ownership to approximately 162,084 shares valued at $7.127 million as of the latest reporting period.
• California Resources reported strong quarterly earnings of $1.10 EPS, exceeding analyst expectations by $0.19, with revenues of $978 million, marking a year-over-year growth of 90.3%.
• The company announced a quarterly dividend of $0.3875 per share, representing an annualized yield of 3.1% and a payout ratio of 21.17%.

Trexquant Investment LP raised its stake in shares of California Resources Corporation (NYSE:CRC - Free Report) by 1,739.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 162,084 shares of the oil and gas producer's stock after buying an additional 153,273 shares during the quarter. Trexquant Investment LP owned about 0.18% of California Resources worth $7,127,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. OMERS ADMINISTRATION Corp bought a new position in California Resources in the first quarter worth approximately $1,389,000. Rafferty Asset Management LLC lifted its holdings in California Resources by 1.6% in the first quarter. Rafferty Asset Management LLC now owns 69,170 shares of the oil and gas producer's stock valued at $3,041,000 after acquiring an additional 1,084 shares during the last quarter. Penn Capital Management Company LLC raised its position in California Resources by 7.8% in the first quarter. Penn Capital Management Company LLC now owns 218,034 shares of the oil and gas producer's stock valued at $9,598,000 after purchasing an additional 15,706 shares during the period. Jump Financial LLC purchased a new stake in shares of California Resources during the first quarter worth $759,000. Finally, EntryPoint Capital LLC acquired a new position in California Resources in the first quarter valued at $220,000. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Trading Down 4.1%

CRC traded down $2.13 during trading on Friday, hitting $49.43. 183,718 shares of the stock were exchanged, compared to its average volume of 937,583. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.68 and a current ratio of 0.78. The firm has a market cap of $4.14 billion, a price-to-earnings ratio of 6.76 and a beta of 1.16. California Resources Corporation has a 1 year low of $30.97 and a 1 year high of $60.41. The firm has a 50 day simple moving average of $48.38 and a 200 day simple moving average of $43.94.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.19. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The company 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. California Resources's revenue was up 90.3% compared to the same quarter last year. As a group, equities analysts expect that California Resources Corporation will post 3.85 EPS for the current 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 given 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 yield of 3.1%. California Resources's dividend payout ratio (DPR) is 21.17%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CRC. Wall Street Zen cut shares of California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Mizuho upped their price objective on shares of California Resources from $61.00 to $64.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Barclays upgraded shares of 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 report on Friday, May 30th. UBS Group lifted their price objective on shares of California Resources from $61.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Finally, Bank of America boosted their price target on California Resources from $53.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, California Resources presently has a consensus rating of "Buy" and a consensus target price of $63.91.

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.