Louisiana State Employees Retirement System Grows Position in California Resources Co. (NYSE:CRC)

Louisiana State Employees Retirement System raised its position in shares of California Resources Co. (NYSE:CRC) by 4.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,600 shares of the oil and gas producer’s stock after buying an additional 1,300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in California Resources were worth $1,763,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CRC. DAVENPORT & Co LLC grew its holdings in California Resources by 49.1% during the 1st quarter. DAVENPORT & Co LLC now owns 627,553 shares of the oil and gas producer’s stock valued at $34,472,000 after buying an additional 206,607 shares in the last quarter. Texas Permanent School Fund Corp grew its holdings in California Resources by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 56,452 shares of the oil and gas producer’s stock valued at $3,111,000 after buying an additional 738 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of California Resources by 879.4% in the 1st quarter. Empowered Funds LLC now owns 143,051 shares of the oil and gas producer’s stock worth $7,882,000 after purchasing an additional 128,445 shares during the period. SG Americas Securities LLC boosted its holdings in shares of California Resources by 497.6% in the 1st quarter. SG Americas Securities LLC now owns 30,945 shares of the oil and gas producer’s stock worth $1,705,000 after purchasing an additional 25,767 shares during the period. Finally, Sei Investments Co. boosted its holdings in shares of California Resources by 44.7% in the 1st quarter. Sei Investments Co. now owns 71,693 shares of the oil and gas producer’s stock worth $3,950,000 after purchasing an additional 22,150 shares during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Trading Up 0.5 %

Shares of NYSE:CRC opened at $52.34 on Thursday. California Resources Co. has a 12-month low of $43.09 and a 12-month high of $57.88. The business’s fifty day simple moving average is $51.73 and its 200-day simple moving average is $50.75. The company has a market capitalization of $3.59 billion, a PE ratio of 15.00, a P/E/G ratio of 1.27 and a beta of 0.98. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57.

California Resources (NYSE:CRC) last announced 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). California Resources had a return on equity of 11.27% and a net margin of 7.61%. The business had revenue of $514.00 million for the quarter, compared to analysts’ expectations of $477.07 million. During the same quarter last year, the firm earned $0.53 earnings per share. The firm’s quarterly revenue was down 13.0% compared to the same quarter last year. As a group, equities research analysts predict that California Resources Co. will post 3.45 earnings per share for the current fiscal year.

California Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 2.96%. This is an increase from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Friday, August 30th. California Resources’s payout ratio is 44.41%.

Analysts Set New Price Targets

CRC has been the subject of a number of recent research reports. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Jefferies Financial Group initiated coverage on California Resources in a report on Thursday, October 24th. They issued a “buy” rating and a $64.00 target price for the company. Stephens initiated coverage on California Resources in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 target price for the company. Citigroup lifted their target price on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Finally, TD Cowen started coverage on California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 target price for the company. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $65.50.

Insider Buying and Selling

In other California Resources news, Director Christian S. Kendall bought 20,895 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were purchased at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the purchase, the director now directly owns 24,600 shares in the company, valued at $1,180,062. This represents a 500.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other California Resources news, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now owns 166,357 shares in the company, valued at approximately $8,181,437.26. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christian S. Kendall purchased 20,895 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were purchased at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the purchase, the director now owns 24,600 shares in the company, valued at approximately $1,180,062. The trade was a 500.00 % increase in their position. The disclosure for this purchase can be found here. 0.03% of the stock is owned by company 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.