Creative Planning Raises Stake in California Resources Corporation $CRC

Creative Planning lifted its stake in California Resources Corporation (NYSE:CRC) by 58.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,673 shares of the oil and gas producer’s stock after purchasing an additional 13,962 shares during the period. Creative Planning’s holdings in California Resources were worth $1,721,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC bought a new position in California Resources in the 1st quarter worth about $28,254,000. Millennium Management LLC boosted its holdings in shares of California Resources by 255.5% in the first quarter. Millennium Management LLC now owns 677,093 shares of the oil and gas producer’s stock valued at $29,772,000 after purchasing an additional 486,650 shares during the period. Brandywine Global Investment Management LLC bought a new position in California Resources in the first quarter worth approximately $14,456,000. Corigliano Investment Advisers LLC increased its holdings in California Resources by 390.2% during the 1st quarter. Corigliano Investment Advisers LLC now owns 408,364 shares of the oil and gas producer’s stock worth $17,956,000 after purchasing an additional 325,059 shares during the period. Finally, American Century Companies Inc. raised its position in California Resources by 10.7% during the 1st quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer’s stock valued at $113,274,000 after purchasing an additional 248,448 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Trading Up 1.2%

NYSE:CRC opened at $46.93 on Thursday. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $59.50. The firm has a 50 day moving average of $49.54 and a 200 day moving average of $48.15. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 10.91 and a beta of 1.15.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.15. The business had revenue of $855.00 million for the quarter, compared to analyst estimates of $888.58 million. California Resources had a net margin of 10.60% and a return on equity of 11.59%. The business’s revenue for the quarter was down 36.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.50 earnings per share. As a group, sell-side analysts anticipate that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from California Resources’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Monday, December 1st. California Resources’s dividend payout ratio is presently 36.05%.

Analyst Upgrades and Downgrades

CRC has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their price target on California Resources from $64.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 10th. UBS Group cut their target price on shares of California Resources from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, November 10th. Barclays boosted their price target on shares of California Resources from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a research note on Wednesday, October 8th. Finally, Zacks Research downgraded shares of California Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.50.

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.