State Board of Administration of Florida Retirement System Acquires 3,230 Shares of California Resources Co. (NYSE:CRC)

Posted by Defense World Staff on May 18th, 2023

State Board of Administration of Florida Retirement System grew its holdings in California Resources Co. (NYSE:CRC – Get Rating) by 25.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,053 shares of the oil and gas producer’s stock after acquiring an additional 3,230 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in California Resources were worth $698,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CRC. Assetmark Inc. boosted its position in shares of California Resources by 41.0% in the third quarter. Assetmark Inc. now owns 976 shares of the oil and gas producer’s stock valued at $38,000 after acquiring an additional 284 shares during the period. First Manhattan Co. bought a new stake in shares of California Resources in the third quarter valued at about $38,000. Lazard Asset Management LLC bought a new stake in shares of California Resources in the third quarter valued at about $45,000. Captrust Financial Advisors boosted its position in shares of California Resources by 69.1% in the second quarter. Captrust Financial Advisors now owns 1,454 shares of the oil and gas producer’s stock valued at $56,000 after acquiring an additional 594 shares during the period. Finally, Macquarie Group Ltd. bought a new stake in California Resources during the second quarter worth about $88,000.

California Resources Stock Up 1.9 %

Shares of NYSE CRC opened at $39.40 on Thursday. The company has a current ratio of 1.36, a quick ratio of 1.27 and a debt-to-equity ratio of 0.28. The company has a market cap of $2.78 billion, a price-to-earnings ratio of 2.99 and a beta of 1.05. California Resources Co. has a 12 month low of $34.02 and a 12 month high of $51.46. The stock has a 50-day moving average price of $38.99 and a two-hundred day moving average price of $42.00.

California Resources (NYSE:CRC – Get Rating) last issued its earnings results on Monday, May 1st. The oil and gas producer reported $2.63 EPS for the quarter, topping the consensus estimate of $2.09 by $0.54. California Resources had a return on equity of 26.53% and a net margin of 27.95%. The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $746.35 million. As a group, analysts forecast that California Resources Co. will post 5.55 earnings per share for the current fiscal year.

California Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 16th. Stockholders of record on Thursday, June 1st will be paid a $0.282 dividend. This represents a $1.13 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend is Wednesday, May 31st. California Resources’s dividend payout ratio is currently 8.57%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRC. Stifel Nicolaus cut their price objective on shares of California Resources from $64.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, March 30th. Mizuho cut their price objective on shares of California Resources from $59.00 to $54.00 in a research report on Friday, March 10th. Citigroup cut their price objective on shares of California Resources from $62.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, February 15th. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $51.00 to $60.00 in a research report on Friday, February 24th. Finally, StockNews.com initiated coverage on shares of California Resources in a research report on Thursday. They set a “hold” rating for the company. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $56.00.

About California Resources

(Get Rating)

California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, 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.