California Resources Corporation (NYSE:CRC) Stock Position Lowered by State of Alaska Department of Revenue

State of Alaska Department of Revenue decreased its stake in California Resources Corporation (NYSE:CRC) by 2.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,491 shares of the oil and gas producer’s stock after selling 1,161 shares during the quarter. State of Alaska Department of Revenue’s holdings in California Resources were worth $1,736,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRC. Harbor Capital Advisors Inc. lifted its position in California Resources by 68.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock worth $34,000 after buying an additional 316 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in California Resources by 331.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock worth $53,000 after buying an additional 812 shares in the last quarter. Lazard Asset Management LLC lifted its position in California Resources by 52,366.7% in the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer’s stock worth $81,000 after buying an additional 1,571 shares in the last quarter. Sterling Capital Management LLC lifted its position in California Resources by 833.2% in the 4th quarter. Sterling Capital Management LLC now owns 2,221 shares of the oil and gas producer’s stock worth $115,000 after buying an additional 1,983 shares in the last quarter. Finally, State of Wyoming purchased a new stake in California Resources in the 4th quarter worth approximately $131,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CRC shares. UBS Group increased their target price on shares of California Resources from $49.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. Citigroup raised their price target on shares of California Resources from $36.00 to $44.00 and gave the company a “neutral” rating in a report on Monday, May 19th. Truist Financial upgraded shares of California Resources to a “strong-buy” rating in a report on Tuesday, May 6th. Royal Bank Of Canada cut their price target on shares of California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, April 11th. Finally, Roth Capital restated a “buy” rating on shares of California Resources in a report on Wednesday, May 7th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $61.27.

California Resources Price Performance

Shares of California Resources stock opened at $46.36 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.74 and a current ratio of 0.83. The firm’s 50-day simple moving average is $41.16 and its 200-day simple moving average is $45.08. California Resources Corporation has a twelve month low of $30.97 and a twelve month high of $60.41. The firm has a market cap of $4.13 billion, a P/E ratio of 8.41 and a beta of 1.17.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.24. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The business had revenue of $912.00 million for the quarter, compared to analyst estimates of $862.14 million. During the same period in the previous year, the business earned $0.75 EPS. The firm’s revenue was up 100.9% on a year-over-year basis. As a group, research analysts expect that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were issued a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 3.34%. The ex-dividend date was Friday, May 30th. California Resources’s dividend payout ratio is currently 28.13%.

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.