Pallas Capital Advisors LLC Invests $362,000 in California Resources Corporation $CRC

Pallas Capital Advisors LLC acquired a new stake in shares of California Resources Corporation (NYSE:CRC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 7,928 shares of the oil and gas producer’s stock, valued at approximately $362,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Lazard Asset Management LLC lifted its holdings 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. Millennium Management LLC grew its position in shares of California Resources by 1,679.8% during the 4th quarter. Millennium Management LLC now owns 190,443 shares of the oil and gas producer’s stock valued at $9,882,000 after buying an additional 179,743 shares during the last quarter. Man Group plc bought a new position in California Resources in the 4th quarter worth about $613,000. State of Wyoming bought a new position in California Resources in the 4th quarter worth about $131,000. Finally, Squarepoint Ops LLC lifted its stake in shares of California Resources by 22.5% in the 4th quarter. Squarepoint Ops LLC now owns 25,297 shares of the oil and gas producer’s stock worth $1,313,000 after acquiring an additional 4,647 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Trading Down 4.5%

Shares of NYSE CRC opened at $54.99 on Monday. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $60.41. The company has a market cap of $4.60 billion, a PE ratio of 7.51 and a beta of 1.16. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average of $49.87 and a two-hundred day moving average of $44.63.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 EPS for the quarter, topping the consensus estimate of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The company had revenue of $978.00 million during the quarter, compared to analysts’ expectations of $820.93 million. During the same quarter in the previous year, the company earned $0.60 EPS. California Resources’s revenue was up 90.3% on a year-over-year basis. As a group, equities analysts expect that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Wednesday, August 27th were issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Wednesday, August 27th. California Resources’s dividend payout ratio is 21.17%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CRC shares. Citigroup upped their price target on shares of California Resources from $44.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Zacks Research upgraded shares of California Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 15th. Bank of America boosted their target price on California Resources from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, September 3rd. UBS Group raised their price target on shares of California Resources from $63.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Finally, JPMorgan Chase & Co. upgraded shares of California Resources from a “neutral” rating to an “overweight” rating and raised their target price for the company from $60.00 to $63.00 in a research note on Tuesday, July 15th. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $65.50.

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.