Yousif Capital Management LLC Increases Holdings in California Resources Co. (NYSE:CRC)

Yousif Capital Management LLC raised its stake in shares of California Resources Co. (NYSE:CRC) by 3.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,284 shares of the oil and gas producer’s stock after buying an additional 1,151 shares during the quarter. Yousif Capital Management LLC’s holdings in California Resources were worth $1,820,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Jennison Associates LLC purchased a new position in California Resources during the fourth quarter valued at $5,585,000. Federated Hermes Inc. raised its stake in California Resources by 1.0% during the fourth quarter. Federated Hermes Inc. now owns 224,799 shares of the oil and gas producer’s stock valued at $12,292,000 after buying an additional 2,148 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in California Resources by 10.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,927 shares of the oil and gas producer’s stock valued at $652,000 after buying an additional 1,115 shares during the last quarter. Louisiana State Employees Retirement System purchased a new position in California Resources during the fourth quarter valued at $1,766,000. Finally, Allspring Global Investments Holdings LLC raised its stake in California Resources by 638.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 89,784 shares of the oil and gas producer’s stock valued at $4,909,000 after buying an additional 77,628 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Stock Performance

Shares of CRC opened at $51.08 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.39. California Resources Co. has a one year low of $37.21 and a one year high of $58.44. The firm has a market capitalization of $3.51 billion, a P/E ratio of 6.62 and a beta of 1.02. The business has a fifty day moving average of $54.14 and a 200 day moving average of $52.70.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.08). California Resources had a return on equity of 17.57% and a net margin of 20.14%. The firm had revenue of $726.00 million during the quarter, compared to the consensus estimate of $553.47 million. During the same period in the previous year, the firm earned $1.24 EPS. The business’s revenue was up 6.5% on a year-over-year basis. As a group, sell-side analysts anticipate that California Resources Co. will post 4.64 EPS for the current year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.43%. The ex-dividend date was Tuesday, March 5th. California Resources’s payout ratio is currently 16.06%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRC. Stifel Nicolaus lifted their price objective on California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Bank of America lowered California Resources from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $64.00 to $60.00 in a report on Friday, January 5th. Mizuho reduced their target price on California Resources from $69.00 to $63.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Barclays initiated coverage on California Resources in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 target price for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 target price on shares of California Resources in a report on Wednesday, March 6th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $63.57.

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.