California Resources Co. (NYSE:CRC) Shares Acquired by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System increased its position in shares of California Resources Co. (NYSE:CRC) by 1.3% during the second quarter, Holdings Channel.com reports. The fund owned 32,300 shares of the oil and gas producer’s stock after acquiring an additional 400 shares during the quarter. Louisiana State Employees Retirement System’s holdings in California Resources were worth $1,719,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRC. TFO Wealth Partners LLC raised its position in shares of California Resources by 67,800.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock worth $74,000 after purchasing an additional 1,356 shares during the period. Quadrant Capital Group LLC raised its holdings in California Resources by 92.4% during the 4th quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock worth $82,000 after buying an additional 722 shares during the period. Hyperion Capital Advisors LP purchased a new stake in California Resources during the first quarter valued at about $275,000. Donoghue Forlines LLC acquired a new position in shares of California Resources in the fourth quarter worth about $282,000. Finally, AlphaMark Advisors LLC purchased a new position in shares of California Resources in the second quarter worth approximately $320,000. 97.79% of the stock is currently owned by institutional investors.

California Resources Trading Up 1.0 %

Shares of NYSE:CRC opened at $51.85 on Friday. California Resources Co. has a 1 year low of $43.09 and a 1 year high of $58.44. The firm has a fifty day moving average price of $50.47 and a 200 day moving average price of $51.42. The company has a current ratio of 1.41, a quick ratio of 1.29 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $3.55 billion, a PE ratio of 14.86, a P/E/G ratio of 0.83 and a beta of 0.98.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.36). The company had revenue of $514.00 million during the quarter, compared to analyst estimates of $477.07 million. California Resources had a return on equity of 11.00% and a net margin of 11.34%. The firm’s revenue for the quarter was down 13.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.53 earnings per share. Analysts expect that California Resources Co. will post 4.99 EPS for the current fiscal year.

California Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a $0.3875 dividend. This is an increase from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 annualized dividend and a dividend yield of 2.99%. The ex-dividend date is Friday, August 30th. California Resources’s dividend payout ratio (DPR) is currently 44.41%.

Analysts Set New Price Targets

Several equities research analysts recently commented on CRC shares. Citigroup assumed coverage on shares of California Resources in a research report on Friday, July 19th. They issued a “buy” rating and a $63.00 price target for the company. Barclays reduced their target price on California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and lifted their price target for the company from $57.00 to $65.00 in a report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price objective on shares of California Resources in a research note on Monday, August 12th. Finally, TD Cowen initiated coverage on California Resources in a research note on Friday, August 2nd. They set a “buy” rating and a $65.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, California Resources presently has an average rating of “Moderate Buy” and a consensus target price of $62.75.

Insider Transactions at California Resources

In other California Resources news, Director Christian S. Kendall purchased 20,895 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was bought at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the acquisition, the director now directly owns 24,600 shares in the company, valued at $1,180,062. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Mark Allen Mcfarland sold 37,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $48.10, for a total transaction of $1,779,700.00. Following the completion of the transaction, the director now directly owns 104,939 shares of the company’s stock, valued at approximately $5,047,565.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christian S. Kendall purchased 20,895 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was acquired at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the transaction, the director now directly owns 24,600 shares of the company’s stock, valued at $1,180,062. The disclosure for this purchase can be found here. 0.03% of the stock is currently owned by corporate insiders.

About California Resources

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.