ARGA Investment Management LP Boosts Stock Position in California Resources Co. (NYSE:CRC)

ARGA Investment Management LP increased its holdings in California Resources Co. (NYSE:CRC - Free Report) by 162.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,100 shares of the oil and gas producer's stock after purchasing an additional 17,399 shares during the period. ARGA Investment Management LP's holdings in California Resources were worth $1,537,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in CRC. Headlands Technologies LLC bought a new stake in California Resources in the 3rd quarter worth approximately $45,000. PNC Financial Services Group Inc. increased its stake in California Resources by 56.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,397 shares of the oil and gas producer's stock worth $134,000 after acquiring an additional 865 shares during the last quarter. Assetmark Inc. increased its stake in California Resources by 16.3% in the 3rd quarter. Assetmark Inc. now owns 2,525 shares of the oil and gas producer's stock worth $141,000 after acquiring an additional 353 shares during the last quarter. iA Global Asset Management Inc. bought a new stake in California Resources in the 3rd quarter worth approximately $211,000. Finally, Profund Advisors LLC bought a new stake in California Resources in the 3rd quarter worth approximately $213,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Barclays assumed coverage on California Resources in a research report on Wednesday, April 10th. They set an "equal weight" rating and a $62.00 target price on the stock. Mizuho boosted their price objective on California Resources from $63.00 to $64.00 and gave the company a "buy" rating in a report on Monday. Stifel Nicolaus boosted their price objective on California Resources from $68.00 to $69.00 and gave the company a "buy" rating in a report on Tuesday, April 23rd. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $70.00 target price on shares of California Resources in a report on Wednesday, March 6th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $63.71.

California Resources Stock Up 1.3 %

Shares of NYSE CRC traded up $0.63 during mid-day trading on Thursday, reaching $49.25. 1,060,401 shares of the company were exchanged, compared to its average volume of 860,960. The company has a quick ratio of 1.29, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of 14.13 and a beta of 1.03. California Resources Co. has a 1 year low of $37.21 and a 1 year high of $58.44. The firm has a 50-day moving average of $53.39 and a 200 day moving average of $52.43.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.58 by $0.17. The firm had revenue of $454.00 million during the quarter, compared to analysts' expectations of $490.21 million. California Resources had a return on equity of 11.00% and a net margin of 11.34%. The firm's quarterly revenue was down 55.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.63 EPS. On average, research analysts expect that California Resources Co. will post 4.88 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.52%. The ex-dividend date is Friday, May 31st. California Resources's dividend payout ratio is currently 35.53%.

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.

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