Cwm LLC Grows Position in California Resources Corporation $CRC

Cwm LLC grew its stake in shares of California Resources Corporation (NYSE:CRC) by 3,439.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,336 shares of the oil and gas producer’s stock after purchasing an additional 17,818 shares during the quarter. Cwm LLC’s holdings in California Resources were worth $837,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. New York State Teachers Retirement System boosted its stake in shares of California Resources by 1.4% during the first 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 purchasing an additional 300 shares during the period. Xponance Inc. boosted its stake in shares of California Resources by 7.6% during the first quarter. Xponance Inc. now owns 5,304 shares of the oil and gas producer’s stock valued at $233,000 after purchasing an additional 375 shares during the period. SummerHaven Investment Management LLC boosted its stake in shares of California Resources by 2.6% during the second quarter. SummerHaven Investment Management LLC now owns 15,738 shares of the oil and gas producer’s stock valued at $719,000 after purchasing an additional 403 shares during the period. Larson Financial Group LLC boosted its stake in shares of California Resources by 269.4% during the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 466 shares during the period. Finally, Paragon Capital Management Ltd boosted its stake in shares of California Resources by 13.6% during the second quarter. Paragon Capital Management Ltd now owns 5,253 shares of the oil and gas producer’s stock valued at $240,000 after purchasing an additional 627 shares during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on CRC shares. UBS Group raised their price target on California Resources from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, September 16th. Wall Street Zen lowered California Resources from a “buy” rating to a “hold” rating in a research note on Sunday, June 29th. Zacks Research raised California Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 15th. Roth Capital set a $63.00 price target on California Resources in a research note on Monday, September 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, California Resources currently has a consensus rating of “Buy” and an average price target of $66.27.

California Resources Stock Performance

Shares of CRC stock opened at $47.02 on Thursday. California Resources Corporation has a one year low of $30.97 and a one year high of $60.41. The company’s 50-day moving average is $51.26 and its 200 day moving average is $45.95. The company has a market capitalization of $3.93 billion, a price-to-earnings ratio of 6.42 and a beta of 1.16. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.68 and a current ratio of 0.78.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $820.93 million. During the same period in the prior year, the firm posted $0.60 EPS. California Resources’s revenue for the quarter was up 90.3% on a year-over-year basis. Sell-side analysts expect that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Wednesday, August 27th were given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, August 27th. California Resources’s dividend payout ratio is 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.