Wealth Enhancement Advisory Services LLC Takes $624,000 Position in California Resources Corporation $CRC

Wealth Enhancement Advisory Services LLC purchased a new position in shares of California Resources Corporation (NYSE:CRC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 13,219 shares of the oil and gas producer’s stock, valued at approximately $624,000.

A number of other hedge funds have also bought and sold shares of CRC. GAMMA Investing LLC increased its holdings in California Resources by 4,120.6% in the 1st quarter. GAMMA Investing LLC now owns 50,478 shares of the oil and gas producer’s stock valued at $2,220,000 after buying an additional 49,282 shares during the period. Harbor Capital Advisors Inc. lifted its position in shares of 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 purchasing an additional 316 shares during the period. Yousif Capital Management LLC lifted its position in shares of California Resources by 1.5% in the 1st quarter. Yousif Capital Management LLC now owns 27,331 shares of the oil and gas producer’s stock worth $1,202,000 after purchasing an additional 407 shares during the period. SG Americas Securities LLC acquired a new position in shares of California Resources in the 1st quarter worth approximately $356,000. Finally, SummerHaven Investment Management LLC increased its stake in shares of California Resources by 1.9% in the 1st quarter. SummerHaven Investment Management LLC now owns 15,335 shares of the oil and gas producer’s stock valued at $674,000 after acquiring an additional 293 shares in the last quarter. 97.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Barclays lifted their price objective on shares of California Resources from $60.00 to $66.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Roth Capital set a $63.00 price objective on shares of California Resources in a report on Monday, September 15th. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a report on Saturday, September 27th. Jefferies Financial Group set a $71.00 price objective on shares of California Resources and gave the company a “buy” rating in a report on Sunday, September 21st. Finally, Citigroup upped their price objective on shares of California Resources from $44.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, California Resources has an average rating of “Buy” and a consensus price target of $66.58.

California Resources Stock Up 1.6%

Shares of NYSE CRC opened at $52.89 on Friday. California Resources Corporation has a one year low of $30.97 and a one year high of $60.41. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.78 and a quick ratio of 0.68. The firm’s 50 day simple moving average is $51.01 and its two-hundred day simple moving average is $45.42. The stock has a market capitalization of $4.43 billion, a P/E ratio of 7.23 and a beta of 1.16.

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, beating analysts’ consensus estimates of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The business had revenue of $978.00 million for the quarter, compared to analysts’ expectations of $820.93 million. During the same period last year, the business earned $0.60 earnings per share. The business’s quarterly revenue was up 90.3% on a year-over-year basis. As a group, analysts expect that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Wednesday, August 27th were issued a $0.3875 dividend. The ex-dividend date was Wednesday, August 27th. This represents a $1.55 annualized dividend and a dividend yield of 2.9%. California Resources’s dividend payout ratio (DPR) is currently 21.17%.

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.