Cubist Systematic Strategies LLC Increases Stock Position in California Resources Corporation $CRC

Cubist Systematic Strategies LLC raised its stake in California Resources Corporation (NYSE:CRC) by 85.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 569,299 shares of the oil and gas producer’s stock after acquiring an additional 262,713 shares during the period. Cubist Systematic Strategies LLC’s holdings in California Resources were worth $26,000,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in CRC. SummerHaven Investment Management LLC lifted its stake in shares of California Resources by 2.6% during the second quarter. SummerHaven Investment Management LLC now owns 15,738 shares of the oil and gas producer’s stock valued at $719,000 after buying an additional 403 shares during the period. Nomura Asset Management Co. Ltd. lifted its stake in shares of California Resources by 97.9% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock worth $42,000 after purchasing an additional 460 shares during the period. Franklin Resources Inc. boosted its holdings in shares of California Resources by 5.6% during the second quarter. Franklin Resources Inc. now owns 10,859 shares of the oil and gas producer’s stock worth $496,000 after purchasing an additional 573 shares during the last quarter. Paragon Capital Management Ltd boosted its holdings in shares of California Resources by 13.6% during the second quarter. Paragon Capital Management Ltd now owns 5,253 shares of the oil and gas producer’s stock worth $240,000 after purchasing an additional 627 shares during the last quarter. Finally, Swiss National Bank grew its position in shares of California Resources by 0.6% in the first quarter. Swiss National Bank now owns 124,000 shares of the oil and gas producer’s stock valued at $5,452,000 after purchasing an additional 700 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Jefferies Financial Group set a $71.00 price target on California Resources and gave the stock a “buy” rating in a research note on Sunday, September 21st. Barclays raised their target price on shares of California Resources from $66.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Zacks Research lowered shares of California Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 22nd. Wells Fargo & Company reaffirmed an “overweight” rating and set a $56.00 price target (down previously from $58.00) on shares of California Resources in a research note on Tuesday. Finally, UBS Group set a $64.00 price objective on shares of California Resources and gave the company a “buy” rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $64.36.

California Resources Trading Up 2.5%

NYSE CRC opened at $48.32 on Friday. The firm has a market capitalization of $4.05 billion, a price-to-earnings ratio of 11.24 and a beta of 1.15. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 0.89. California Resources Corporation has a one year low of $30.97 and a one year high of $58.41. The company’s 50 day moving average price is $47.82 and its 200 day moving average price is $48.51.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $888.58 million. During the same quarter in the prior year, the business earned $1.50 earnings per share. The business’s quarterly revenue was down 36.8% compared to the same quarter last year. On average, sell-side analysts predict that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a $0.405 dividend. The ex-dividend date is Monday, December 1st. This represents a $1.62 annualized dividend and a yield of 3.4%. This is an increase from California Resources’s previous quarterly dividend of $0.39. California Resources’s payout ratio is currently 37.67%.

California Resources Profile

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.