State of New Jersey Common Pension Fund D Grows Position in California Resources Corporation $CRC

State of New Jersey Common Pension Fund D grew its position in shares of California Resources Corporation (NYSE:CRC) by 7.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,579 shares of the oil and gas producer’s stock after purchasing an additional 2,994 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in California Resources were worth $2,036,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of CRC. Larson Financial Group LLC increased its position in shares of California Resources by 269.4% during the 1st 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 last quarter. Caitong International Asset Management Co. Ltd bought a new position in California Resources during the 2nd quarter worth approximately $35,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in California Resources during the 1st quarter worth approximately $79,000. Strs Ohio bought a new position in California Resources during the 1st quarter worth approximately $106,000. Finally, KBC Group NV grew its position 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 worth $157,000 after acquiring an additional 1,043 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors.

California Resources Stock Performance

Shares of CRC opened at $46.79 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.78 and a quick ratio of 0.68. California Resources Corporation has a one year low of $30.97 and a one year high of $60.41. The firm has a market capitalization of $3.92 billion, a P/E ratio of 6.39 and a beta of 1.16. The business has a fifty day moving average of $51.20 and a 200 day moving average of $46.58.

California Resources (NYSE:CRC) last issued its quarterly earnings data 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 return on equity of 11.95% and a net margin of 16.14%.The company had revenue of $978.00 million during the quarter, compared to analyst estimates of $820.93 million. During the same quarter in the previous year, the company posted $0.60 earnings per share. California Resources’s revenue was up 90.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that California Resources Corporation will post 3.85 EPS for the current 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 issued a $0.3875 dividend. The ex-dividend date of this dividend was Wednesday, August 27th. This represents a $1.55 annualized dividend and a dividend yield of 3.3%. California Resources’s payout ratio is presently 21.17%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CRC. 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 report on Tuesday, September 16th. Weiss Ratings restated a “hold (c)” rating on shares of California Resources in a research note on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on California Resources from $64.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Citigroup lifted their price objective on California Resources from $44.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. Finally, Bank of America lifted their target price on California Resources from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, California Resources currently has a consensus rating of “Moderate Buy” and an average price target of $66.27.

California Resources 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.