Entropy Technologies LP Acquires New Position in California Resources Corporation $CRC

Entropy Technologies LP acquired a new stake in California Resources Corporation (NYSE:CRC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 5,674 shares of the oil and gas producer’s stock, valued at approximately $259,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Voya Investment Management LLC grew its stake in shares of California Resources by 27.6% during the first quarter. Voya Investment Management LLC now owns 52,384 shares of the oil and gas producer’s stock worth $2,303,000 after purchasing an additional 11,336 shares during the period. Y Intercept Hong Kong Ltd bought a new position in California Resources during the second quarter worth about $1,267,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of California Resources during the 2nd quarter worth about $624,000. Pallas Capital Advisors LLC bought a new stake in shares of California Resources in the 2nd quarter valued at about $362,000. Finally, Swiss National Bank raised its position in shares of California Resources by 0.6% in the 1st quarter. Swiss National Bank now owns 124,000 shares of the oil and gas producer’s stock valued at $5,452,000 after acquiring an additional 700 shares during the period. Institutional investors own 97.79% of the company’s stock.

California Resources Trading Up 1.2%

CRC opened at $46.93 on Thursday. The stock has a market capitalization of $3.93 billion, a P/E ratio of 10.91 and a beta of 1.15. The company has a current ratio of 0.89, a quick ratio of 0.78 and a debt-to-equity ratio of 0.26. California Resources Corporation has a 12 month low of $30.97 and a 12 month high of $59.50. The firm’s fifty day simple moving average is $49.54 and its 200 day simple moving average is $48.15.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.15. The firm 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 company’s revenue for the quarter was down 36.8% on a year-over-year basis. During the same quarter last year, the business posted $1.50 EPS. As a group, research analysts anticipate that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a dividend of $0.405 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.62 annualized dividend and a dividend yield of 3.5%. This is an increase from California Resources’s previous quarterly dividend of $0.39. California Resources’s dividend payout ratio (DPR) is 36.05%.

Analyst Ratings Changes

A number of research analysts recently issued reports on CRC shares. Jefferies Financial Group set a $71.00 price objective on shares of California Resources and gave the company a “buy” rating in a report on Sunday, September 21st. Roth Capital set a $63.00 price target on shares of California Resources in a report on Monday, September 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a research note on Wednesday, October 8th. Mizuho set a $71.00 target price on California Resources in a report on Monday, September 15th. Finally, UBS Group lowered their price target on California Resources from $70.00 to $68.00 and set a “buy” rating for the company in a report on Monday, November 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $65.50.

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.