Harbor Capital Advisors Inc. Raises Stock Position in California Resources Co. (NYSE:CRC)

Harbor Capital Advisors Inc. grew its holdings in shares of California Resources Co. (NYSE:CRC) by 68.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 775 shares of the oil and gas producer’s stock after buying an additional 316 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in California Resources were worth $34,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CRC. Summit Global Investments purchased a new stake in California Resources in the 1st quarter worth about $346,000. GAMMA Investing LLC lifted its position in shares of California Resources by 4,120.6% during the first quarter. GAMMA Investing LLC now owns 50,478 shares of the oil and gas producer’s stock worth $2,220,000 after purchasing an additional 49,282 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of California Resources during the fourth quarter valued at $1,475,000. GF Fund Management CO. LTD. bought a new position in shares of California Resources in the fourth quarter worth about $1,145,000. Finally, GTS Securities LLC purchased a new stake in California Resources in the 4th quarter valued at about $669,000. 97.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CRC shares. UBS Group lifted their price target on shares of California Resources from $49.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Roth Capital reiterated a “buy” rating on shares of California Resources in a report on Wednesday, May 7th. Truist Financial upgraded California Resources to a “strong-buy” rating in a research note on Tuesday, May 6th. Bank of America decreased their price objective on California Resources from $64.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, April 29th. Finally, Mizuho dropped their target price on shares of California Resources from $64.00 to $60.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $61.27.

California Resources Price Performance

Shares of NYSE CRC opened at $47.06 on Tuesday. The company has a market cap of $4.20 billion, a PE ratio of 7.41, a P/E/G ratio of 1.02 and a beta of 1.17. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The business has a 50-day simple moving average of $40.03 and a two-hundred day simple moving average of $45.41. California Resources Co. has a fifty-two week low of $30.97 and a fifty-two week high of $60.41.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.24. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business had revenue of $912.00 million during the quarter, compared to analysts’ expectations of $862.14 million. During the same quarter last year, the company posted $0.75 earnings per share. The business’s quarterly revenue was up 100.9% on a year-over-year basis. As a group, equities analysts expect that California Resources Co. will post 3.85 EPS for the current fiscal year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.29%. The ex-dividend date was Friday, May 30th. California Resources’s payout ratio is 28.13%.

California Resources 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.