Summit Global Investments Purchases 6,346 Shares of California Resources Corporation $CRC

Summit Global Investments boosted its holdings in shares of California Resources Corporation (NYSE:CRC - Free Report) by 80.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,215 shares of the oil and gas producer's stock after acquiring an additional 6,346 shares during the period. Summit Global Investments' holdings in California Resources were worth $649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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Other large investors have also modified their holdings of the company. Caitong International Asset Management Co. Ltd purchased a new stake in California Resources during the second quarter valued at approximately $35,000. Nomura Asset Management Co. Ltd. boosted its holdings in shares of California Resources by 97.9% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer's stock valued at $42,000 after acquiring an additional 460 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of California Resources during the first quarter worth $79,000. Strs Ohio purchased a new position in shares of California Resources during the 1st quarter valued at about $106,000. Finally, EntryPoint Capital LLC purchased a new position in California Resources during the first quarter valued at approximately $220,000. Institutional investors own 97.79% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CRC. JPMorgan Chase & Co. lifted their price objective 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. Barclays lifted their price target on California Resources from $66.00 to $68.00 and gave the company an "overweight" rating in a research note on Thursday, November 6th. Zacks Research cut California Resources from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 22nd. Jefferies Financial Group set a $71.00 price objective on California Resources and gave the company a "buy" rating in a report on Sunday, September 21st. Finally, Mizuho set a $71.00 price objective on California Resources in a research report on Monday, September 15th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, California Resources has a consensus rating of "Moderate Buy" and a consensus target price of $65.50.

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View Our Latest Stock Report on California Resources

California Resources Trading Down 0.6%

CRC stock opened at $46.36 on Wednesday. California Resources Corporation has a 12-month low of $30.97 and a 12-month high of $59.50. The business's 50-day moving average is $49.76 and its 200 day moving average is $48.16. The company has a current ratio of 0.89, a quick ratio of 0.78 and a debt-to-equity ratio of 0.26. The stock has a market cap of $3.88 billion, a price-to-earnings ratio of 10.78 and a beta of 1.15.

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

California Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a dividend of $0.405 per share. This is a boost from California Resources's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.62 annualized dividend and a yield of 3.5%. California Resources's dividend payout ratio is presently 36.05%.

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.

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