VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.32 Million in California Resources Corporation $CRC

Key Points

• Virginia Retirement Systems acquired 24,900 shares of California Resources worth approximately $1.32 million during the second quarter. Institutional investors and hedge funds collectively own 97.79% of CRC’s outstanding shares.
• Analyst sentiment remains positive overall, with CRC holding a “Moderate Buy” consensus rating and an average price target of $71.92, despite some recent upgrades and downgrades.
• CRC shares opened at $56.71, while the company reported quarterly revenue of $1.30 billion—up 33% year over year—but earnings per share of $0.99 missed analyst expectations. The company also declared a quarterly dividend of $0.405 per share, yielding about 2.9% annually.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in California Resources Corporation (NYSE:CRC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 24,900 shares of the oil and gas producer's stock, valued at approximately $1,316,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Federated Hermes Inc. lifted its holdings in California Resources by 4.3% during the 4th quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer's stock worth $209,000 after buying an additional 195 shares during the period. Quadrant Capital Group LLC increased its stake in shares of California Resources by 14.6% in the fourth quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer's stock valued at $75,000 after buying an additional 214 shares during the period. iA Global Asset Management Inc. raised its position in shares of California Resources by 4.4% during the fourth quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer's stock worth $243,000 after acquiring an additional 230 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of California Resources by 13.6% during the first quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer's stock worth $155,000 after acquiring an additional 268 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of California Resources by 8.8% in the first quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer's stock worth $281,000 after acquiring an additional 327 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at California Resources

In related news, EVP Jay Bys sold 11,907 shares of the stock in a transaction on Friday, September 4th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the transaction, the executive vice president directly owned 135,610 shares of the company's stock, valued at $7,322,940. This represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,721 shares of company stock worth $1,928,934 over the last 90 days. 0.53% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Mizuho increased their target price on shares of California Resources from $86.00 to $87.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Weiss Ratings upgraded shares of California Resources from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. Zacks Research raised shares of California Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 26th. UBS Group decreased their price objective on shares of California Resources from $70.00 to $67.00 and set a "buy" rating for the company in a research report on Wednesday, August 12th. Finally, Wall Street Zen downgraded shares of California Resources from a "buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $71.92.

California Resources Trading Up 0.8%

Shares of CRC stock opened at $56.71 on Friday. The company has a market cap of $5.04 billion, a P/E ratio of -41.70 and a beta of 0.90. The stock has a 50 day simple moving average of $52.97 and a two-hundred day simple moving average of $58.55. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66. California Resources Corporation has a fifty-two week low of $43.24 and a fifty-two week high of $71.98.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by ($0.37). The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $960.20 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. California Resources's quarterly revenue was up 33.0% compared to the same quarter last year. During the same period last year, the firm posted $1.10 earnings per share. Research analysts forecast that California Resources Corporation will post 3.9 earnings per share for the current year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Friday, September 4th. California Resources's payout ratio is presently -119.12%.

California Resources Company Profile

California Resources Corporation NYSE: CRC is an energy company focused on developing and producing oil and natural gas resources in California. Its operations include exploration, drilling, production, processing and marketing of crude oil, natural gas and natural gas liquids, primarily for customers in the California market.

The company's assets are located in several of California's major petroleum-producing regions, including the San Joaquin, Los Angeles and Sacramento basins. California Resources also manages related infrastructure and mineral interests associated with its production operations.

In addition to conventional energy production, California Resources has pursued carbon management opportunities through its Carbon TerraVault platform.

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