Teacher Retirement System of Texas Buys Shares of 9,339 California Resources Corporation (NYSE:CRC)

Teacher Retirement System of Texas purchased a new position in shares of California Resources Corporation (NYSE:CRC) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 9,339 shares of the oil and gas producer’s stock, valued at approximately $411,000.

A number of other hedge funds have also modified their holdings of the company. First Trust Advisors LP grew its stake in California Resources by 14.2% in the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock valued at $353,800,000 after purchasing an additional 845,694 shares in the last quarter. Palo Duro Investment Partners LP acquired a new position in shares of California Resources during the 4th quarter worth $20,752,000. American Century Companies Inc. raised its holdings in shares of California Resources by 14.2% during the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer’s stock worth $120,785,000 after buying an additional 290,263 shares in the last quarter. Balyasny Asset Management L.P. grew its position in California Resources by 285.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 318,593 shares of the oil and gas producer’s stock worth $16,532,000 after acquiring an additional 235,955 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in California Resources by 158.7% during the 4th quarter. JPMorgan Chase & Co. now owns 374,793 shares of the oil and gas producer’s stock worth $19,448,000 after acquiring an additional 229,940 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors.

California Resources Trading Up 3.1%

Shares of California Resources stock opened at $48.07 on Friday. The firm has a 50-day simple moving average of $45.15 and a two-hundred day simple moving average of $44.45. California Resources Corporation has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The company has a market cap of $4.29 billion, a P/E ratio of 8.72 and a beta of 1.16. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.74 and a current ratio of 0.83.

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

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were issued a $0.3875 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.22%. California Resources’s payout ratio is currently 28.13%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CRC shares. JPMorgan Chase & Co. raised California Resources from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $60.00 to $63.00 in a research note on Tuesday. Bank of America decreased their price target on California Resources from $64.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, April 29th. Wall Street Zen lowered California Resources from a “buy” rating to a “hold” rating in a research note on Sunday, June 29th. Citigroup raised their price target on California Resources from $44.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Mizuho lifted their price objective on California Resources from $60.00 to $61.00 and gave the company an “outperform” rating in a research note on Monday. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $62.27.

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.