Russell Investments Group Ltd. Boosts Stock Position in California Resources Co. (NYSE:CRC)

Russell Investments Group Ltd. raised its stake in shares of California Resources Co. (NYSE:CRCGet Rating) by 175.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 255,102 shares of the oil and gas producer’s stock after acquiring an additional 162,522 shares during the period. Russell Investments Group Ltd. owned approximately 0.33% of California Resources worth $11,424,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in California Resources during the 4th quarter valued at approximately $26,000. Maverick Capital Ltd. purchased a new position in shares of California Resources during the 4th quarter worth approximately $132,000. Spire Wealth Management raised its stake in shares of California Resources by 398.7% during the 1st quarter. Spire Wealth Management now owns 3,740 shares of the oil and gas producer’s stock worth $167,000 after buying an additional 2,990 shares in the last quarter. Cim LLC purchased a new position in shares of California Resources during the 1st quarter worth approximately $239,000. Finally, Cross Staff Investments Inc purchased a new position in shares of California Resources during the 4th quarter worth approximately $241,000. 92.24% of the stock is owned by hedge funds and other institutional investors.

California Resources Price Performance

Shares of NYSE:CRC opened at $44.71 on Friday. The business’s fifty day moving average price is $42.05 and its two-hundred day moving average price is $42.61. The stock has a market cap of $3.47 billion, a PE ratio of 4.41 and a beta of 1.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.65 and a current ratio of 0.69. California Resources Co. has a one year low of $27.31 and a one year high of $50.44.

California Resources (NYSE:CRCGet Rating) last announced its earnings results on Thursday, May 5th. The oil and gas producer reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.01). The company had revenue of $153.00 million for the quarter, compared to analyst estimates of $443.19 million. California Resources had a net margin of 39.21% and a return on equity of 36.38%. California Resources’s quarterly revenue was down 57.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.22 EPS. On average, analysts forecast that California Resources Co. will post 7.19 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 16th. Stockholders of record on Thursday, September 1st will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.52%. The ex-dividend date is Wednesday, August 31st. California Resources’s dividend payout ratio (DPR) is 6.71%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CRC. TheStreet downgraded California Resources from a “c” rating to a “d” rating in a research note on Thursday, May 5th. Citigroup assumed coverage on California Resources in a research note on Tuesday, May 10th. They set a “buy” rating and a $60.00 target price for the company. StockNews.com raised California Resources from a “hold” rating to a “buy” rating in a research note on Friday. KeyCorp raised their price objective on California Resources from $50.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, April 8th. Finally, MKM Partners reaffirmed a “buy” rating and issued a $48.00 price objective on shares of California Resources in a research note on Wednesday, July 20th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and an average price target of $53.60.

California Resources Profile

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California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, 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.

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Institutional Ownership by Quarter for California Resources (NYSE:CRC)

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