Xponance Inc. Buys 375 Shares of California Resources Corporation (NYSE:CRC)

Xponance Inc. grew its holdings in shares of California Resources Corporation (NYSE:CRC) by 7.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,304 shares of the oil and gas producer’s stock after buying an additional 375 shares during the period. Xponance Inc.’s holdings in California Resources were worth $233,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRC. Principal Financial Group Inc. increased its position in shares of California Resources by 2.1% during the 1st quarter. Principal Financial Group Inc. now owns 384,200 shares of the oil and gas producer’s stock valued at $16,893,000 after purchasing an additional 8,047 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in California Resources by 50.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,211 shares of the oil and gas producer’s stock valued at $463,000 after buying an additional 3,436 shares in the last quarter. New York State Teachers Retirement System grew its holdings in California Resources by 1.4% during the 1st quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer’s stock valued at $967,000 after buying an additional 300 shares in the last quarter. KBC Group NV grew its holdings in California Resources by 41.3% during the 1st quarter. KBC Group NV now owns 3,569 shares of the oil and gas producer’s stock valued at $157,000 after buying an additional 1,043 shares in the last quarter. Finally, Crossmark Global Holdings Inc. boosted its position in shares of California Resources by 17.4% during the 1st quarter. Crossmark Global Holdings Inc. now owns 4,823 shares of the oil and gas producer’s stock valued at $212,000 after acquiring an additional 716 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors.

California Resources Stock Up 6.8%

NYSE:CRC opened at $51.31 on Friday. The stock has a market capitalization of $4.58 billion, a price-to-earnings ratio of 9.31 and a beta of 1.16. The company has a quick ratio of 0.74, a current ratio of 0.83 and a debt-to-equity ratio of 0.25. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $60.41. The stock’s fifty day moving average is $45.37 and its two-hundred day moving average is $44.39.

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 for the quarter, beating analysts’ consensus estimates of $0.83 by $0.24. The company had revenue of $912.00 million for the quarter, compared to analysts’ expectations of $862.14 million. California Resources had a return on equity of 11.45% and a net margin of 13.70%. California Resources’s quarterly revenue was up 100.9% on a year-over-year basis. During the same period last year, the firm earned $0.75 earnings per share. Research analysts anticipate that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were given a dividend of $0.3875 per share. The ex-dividend date was Friday, May 30th. This represents a $1.55 annualized dividend and a dividend yield of 3.02%. California Resources’s dividend payout ratio is currently 28.13%.

Wall Street Analysts Forecast Growth

CRC has been the subject of a number of recent research reports. JPMorgan Chase & Co. upgraded California Resources from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $60.00 to $63.00 in a research report on Tuesday, July 15th. Bank of America reduced their price target on California Resources from $64.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Mizuho boosted their target price on California Resources from $60.00 to $61.00 and gave the stock an “outperform” rating in a report on Monday, July 14th. Royal Bank Of Canada lowered their price target on California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, April 11th. Finally, Citigroup upped their price target on California Resources from $44.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday. Two 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 currently has a consensus rating of “Buy” and a consensus price target 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.