Great Lakes Advisors LLC Buys Shares of 137,103 California Resources Corporation $CRC

Great Lakes Advisors LLC purchased a new position in California Resources Corporation (NYSE:CRC) during the 3rd quarter, Holdings Channel reports. The fund purchased 137,103 shares of the oil and gas producer’s stock, valued at approximately $7,291,000.

A number of other hedge funds have also recently modified their holdings of the business. Sourcerock Group LLC raised its holdings in California Resources by 63.8% in the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after purchasing an additional 779,280 shares during the period. Invesco Ltd. grew its holdings in California Resources by 155.8% during the second quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock valued at $48,527,000 after purchasing an additional 647,190 shares during the period. Balyasny Asset Management L.P. increased its position in California Resources by 461.5% in the second quarter. Balyasny Asset Management L.P. now owns 557,037 shares of the oil and gas producer’s stock worth $25,440,000 after buying an additional 457,835 shares in the last quarter. Orion Porfolio Solutions LLC raised its stake in shares of California Resources by 5,657.2% in the second quarter. Orion Porfolio Solutions LLC now owns 411,239 shares of the oil and gas producer’s stock worth $18,781,000 after buying an additional 404,096 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of California Resources by 10.5% in the second quarter. American Century Companies Inc. now owns 2,846,722 shares of the oil and gas producer’s stock worth $130,010,000 after buying an additional 270,562 shares during the period. Institutional investors own 97.79% of the company’s stock.

California Resources Price Performance

CRC stock opened at $52.38 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 0.89. The company’s fifty day moving average price is $46.73 and its 200-day moving average price is $48.67. California Resources Corporation has a one year low of $30.97 and a one year high of $58.41. The company has a market capitalization of $4.39 billion, a PE ratio of 12.18 and a beta of 1.15.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.15. California Resources had a net margin of 10.60% and a return on equity of 11.59%. The company had revenue of $855.00 million for the quarter, compared to the consensus estimate of $888.58 million. During the same period in the previous year, the firm posted $1.50 EPS. California Resources’s revenue for the quarter was down 36.8% compared to the same quarter last year. On average, equities analysts anticipate that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were paid a dividend of $0.405 per share. The ex-dividend date of this dividend was Monday, December 1st. This is a boost from California Resources’s previous quarterly dividend of $0.39. This represents a $1.62 dividend on an annualized basis and a yield of 3.1%. California Resources’s dividend payout ratio is currently 37.67%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CRC. JPMorgan Chase & Co. boosted their price objective on California Resources from $64.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Pickering Energy Partners downgraded shares of California Resources from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Zacks Research cut shares of California Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 1st. Mizuho raised their price objective on shares of California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Finally, Royal Bank Of Canada set a $70.00 target price on shares of California Resources in a report on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, California Resources has an average rating of “Moderate Buy” and a consensus price target of $63.90.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.