137,103 Shares in California Resources Corporation $CRC Purchased by Great Lakes Advisors LLC

Great Lakes Advisors LLC acquired a new position in California Resources Corporation (NYSE:CRC) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 137,103 shares of the oil and gas producer’s stock, valued at approximately $7,291,000. Great Lakes Advisors LLC owned 0.16% of California Resources as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the business. Sourcerock Group LLC raised its stake in California Resources by 63.8% during the second quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock valued at $91,370,000 after buying an additional 779,280 shares during the last quarter. Invesco Ltd. increased its holdings in shares of 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 acquiring an additional 647,190 shares in the last quarter. Balyasny Asset Management L.P. raised its position in shares of California Resources by 461.5% in the 2nd quarter. Balyasny Asset Management L.P. now owns 557,037 shares of the oil and gas producer’s stock worth $25,440,000 after purchasing an additional 457,835 shares during the last quarter. Orion Porfolio Solutions LLC raised its position in shares of California Resources by 5,657.2% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 411,239 shares of the oil and gas producer’s stock worth $18,781,000 after purchasing an additional 404,096 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in California Resources by 10.5% in the 2nd quarter. American Century Companies Inc. now owns 2,846,722 shares of the oil and gas producer’s stock worth $130,010,000 after purchasing an additional 270,562 shares in the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Stock Up 3.0%

Shares of California Resources stock opened at $52.38 on Friday. California Resources Corporation has a twelve month low of $30.97 and a twelve month high of $58.41. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26. The company’s 50 day moving average is $46.73 and its 200 day moving average is $48.67. The company has a market cap of $4.39 billion, a price-to-earnings ratio of 12.18 and a beta of 1.15.

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

California Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were given a $0.405 dividend. The ex-dividend date of this dividend was Monday, December 1st. This is a positive change from California Resources’s previous quarterly dividend of $0.39. This represents a $1.62 annualized dividend and a yield of 3.1%. California Resources’s payout ratio is 37.67%.

Analyst Ratings Changes

A number of research firms have weighed in on CRC. Zacks Research lowered shares of California Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 1st. JPMorgan Chase & Co. increased their price target on shares of California Resources from $64.00 to $66.00 and gave the company an “overweight” rating in a report on Friday, October 10th. Mizuho boosted their price objective on shares of California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a research report on Wednesday, January 21st. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $56.00 target price (down previously from $58.00) on shares of California Resources in a report on Tuesday, December 9th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, California Resources has a consensus rating of “Moderate Buy” and a consensus target price of $63.90.

About California Resources

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.