Deroy & Devereaux Private Investment Counsel Inc. Takes Position in California Resources Corporation $CRC

Deroy & Devereaux Private Investment Counsel Inc. bought a new stake in shares of California Resources Corporation (NYSE:CRC) during the 3rd quarter, according to its most recent filing with the SEC. The fund bought 41,370 shares of the oil and gas producer’s stock, valued at approximately $2,200,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CRC. Salomon & Ludwin LLC bought a new position in California Resources during the third quarter worth about $29,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of California Resources in the 2nd quarter worth approximately $35,000. Nomura Asset Management Co. Ltd. lifted its position in shares of California Resources by 97.9% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock worth $42,000 after buying an additional 460 shares during the period. Nisa Investment Advisors LLC boosted its stake in California Resources by 29.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 219 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in California Resources by 242.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,476 shares of the oil and gas producer’s stock valued at $67,000 after acquiring an additional 1,045 shares during the period. Institutional investors own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Royal Bank Of Canada set a $70.00 price objective on California Resources in a report on Monday, January 5th. Zacks Research cut shares of California Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 1st. Pickering Energy Partners cut shares of California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Jefferies Financial Group set a $71.00 target price on California Resources and gave the stock a “buy” rating in a report on Sunday, September 21st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $64.30.

California Resources Price Performance

CRC opened at $47.16 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.89 and a quick ratio of 0.78. The stock has a market capitalization of $3.95 billion, a P/E ratio of 10.97 and a beta of 1.15. The company’s 50 day simple moving average is $46.36 and its 200-day simple moving average is $48.50. California Resources Corporation has a one year low of $30.97 and a one year high of $58.41.

California Resources (NYSE:CRC) last posted its quarterly earnings data 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 firm had revenue of $855.00 million for the quarter, compared to the consensus estimate of $888.58 million. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The business’s revenue for the quarter was down 36.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.50 EPS. 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 company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were given a $0.405 dividend. The ex-dividend date was Monday, December 1st. This is a positive change from California Resources’s previous quarterly dividend of $0.39. This represents a $1.62 dividend on an annualized basis and a yield of 3.4%. California Resources’s dividend payout ratio is 37.67%.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.