Virtu Financial LLC Makes New Investment in California Resources Corporation $CRC

Key Points

• Virtu Financial LLC invested $315,000 in California Resources Corporation, acquiring 7,172 shares in the first quarter.
• California Resources recently reported a net revenue of $978 million for the quarter, significantly exceeding analysts' expectations of $820.93 million, alongside an earnings per share (EPS) of $1.10.
• The company announced a quarterly dividend of $0.3875 per share, indicating an annualized dividend yield of 3.2%.

Virtu Financial LLC acquired a new position in shares of California Resources Corporation (NYSE:CRC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 7,172 shares of the oil and gas producer's stock, valued at approximately $315,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CRC. Larson Financial Group LLC increased its holdings in shares of California Resources by 269.4% during the 1st quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock worth $28,000 after purchasing an additional 466 shares during the period. Harbor Capital Advisors Inc. increased its holdings in shares of California Resources by 68.8% during the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock worth $34,000 after purchasing an additional 316 shares during the period. Lazard Asset Management LLC increased its holdings in shares of California Resources by 52,366.7% during the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock worth $81,000 after purchasing an additional 1,571 shares during the period. Sterling Capital Management LLC increased its holdings in shares of California Resources by 833.2% during the 4th quarter. Sterling Capital Management LLC now owns 2,221 shares of the oil and gas producer's stock worth $115,000 after purchasing an additional 1,983 shares during the period. Finally, State of Wyoming bought a new position in shares of California Resources during the 4th quarter worth about $131,000. Institutional investors own 97.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Roth Capital reissued a "buy" rating on shares of California Resources in a research note on Saturday, July 19th. Bank of America lowered their target price on shares of California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Truist Financial raised shares of California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. UBS Group reissued a "buy" rating and issued a $61.00 target price (up previously from $58.00) on shares of California Resources in a research note on Friday, August 8th. Finally, Wall Street Zen cut shares of California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $62.82.

California Resources Price Performance

Shares of CRC stock traded down $0.8130 during trading hours on Tuesday, reaching $47.4470. 1,060,180 shares of the company were exchanged, compared to its average volume of 952,364. California Resources Corporation has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The stock's fifty day moving average is $47.54 and its two-hundred day moving average is $43.74. The company has a market cap of $3.97 billion, a price-to-earnings ratio of 6.48 and a beta of 1.16. 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 (NYSE:CRC - Get Free Report) last announced its earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The company had revenue of $978.00 million for the quarter, compared to analyst estimates of $820.93 million. During the same period in the prior year, the business earned $0.60 earnings per share. California Resources's quarterly revenue was up 90.3% on a year-over-year basis. Sell-side analysts forecast that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders 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 dividend yield of 3.3%. The ex-dividend date is Wednesday, August 27th. California Resources's dividend payout ratio is presently 21.17%.

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.