SG Americas Securities LLC Invests $356,000 in California Resources Corporation (NYSE:CRC)

SG Americas Securities LLC purchased a new position in California Resources Corporation (NYSE:CRC) during the first quarter, Holdings Channel reports. The fund purchased 8,093 shares of the oil and gas producer’s stock, valued at approximately $356,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRC. New York State Common Retirement Fund increased its position in shares of California Resources by 7.5% in the fourth quarter. New York State Common Retirement Fund now owns 167,367 shares of the oil and gas producer’s stock worth $8,685,000 after purchasing an additional 11,681 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in California Resources in the 4th quarter worth approximately $515,000. Bank of New York Mellon Corp increased its holdings in shares of California Resources by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer’s stock worth $38,350,000 after buying an additional 14,240 shares during the last quarter. Amalgamated Bank increased its holdings in shares of California Resources by 2.3% in the 4th quarter. Amalgamated Bank now owns 20,867 shares of the oil and gas producer’s stock worth $1,083,000 after buying an additional 461 shares during the last quarter. Finally, Illinois Municipal Retirement Fund raised its position in shares of California Resources by 6.9% during the 4th quarter. Illinois Municipal Retirement Fund now owns 38,558 shares of the oil and gas producer’s stock valued at $2,001,000 after buying an additional 2,504 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRC has been the subject of several research reports. Bank of America cut their target price on California Resources from $64.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. UBS Group boosted their price objective on shares of California Resources from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Citigroup upped their price objective on shares of California Resources from $36.00 to $44.00 and gave the company a “neutral” rating in a research note on Monday, May 19th. Royal Bank Of Canada decreased their target price on shares of California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, April 11th. Finally, Mizuho lowered their price target on shares of California Resources from $64.00 to $60.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, California Resources currently has an average rating of “Buy” and a consensus price target of $61.27.

California Resources Stock Performance

Shares of CRC stock opened at $45.00 on Thursday. California Resources Corporation has a 52-week low of $30.97 and a 52-week high of $60.41. The company has a quick ratio of 0.74, a current ratio of 0.83 and a debt-to-equity ratio of 0.25. The stock has a market cap of $4.01 billion, a PE ratio of 8.17 and a beta of 1.17. The business has a 50-day simple moving average of $41.60 and a 200-day simple moving average of $45.09.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, beating the consensus estimate of $0.83 by $0.24. The company had revenue of $912.00 million for the quarter, compared to analyst estimates of $862.14 million. California Resources had a return on equity of 11.45% and a net margin of 13.70%. California Resources’s quarterly revenue was up 100.9% compared to the same quarter last year. During the same period last year, the company earned $0.75 earnings per share. On average, equities analysts expect that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were issued a $0.3875 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.55 annualized dividend and a dividend yield of 3.44%. California Resources’s dividend payout ratio is presently 28.13%.

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.