Corigliano Investment Advisers LLC Grows Stake in California Resources Corporation $CRC

Corigliano Investment Advisers LLC lifted its position in shares of California Resources Corporation (NYSE:CRC) by 390.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 408,364 shares of the oil and gas producer’s stock after purchasing an additional 325,059 shares during the quarter. California Resources comprises 8.0% of Corigliano Investment Advisers LLC’s investment portfolio, making the stock its biggest holding. Corigliano Investment Advisers LLC owned approximately 0.46% of California Resources worth $17,956,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Larson Financial Group LLC boosted its holdings in California Resources by 269.4% in the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer’s stock worth $28,000 after acquiring an additional 466 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in California Resources by 68.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock worth $34,000 after purchasing an additional 316 shares during the period. Lazard Asset Management LLC grew its position in California Resources by 52,366.7% in the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer’s stock worth $81,000 after purchasing an additional 1,571 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in California Resources in the 1st quarter worth approximately $79,000. Finally, State of Wyoming bought a new position in California Resources in the fourth quarter worth approximately $131,000. 97.79% of the stock is currently owned by institutional investors.

California Resources Stock Down 1.6%

Shares of NYSE CRC opened at $49.21 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $4.12 billion, a PE ratio of 6.72 and a beta of 1.16. The stock’s fifty day simple moving average is $48.26 and its two-hundred day simple moving average is $43.92. California Resources Corporation has a 12-month low of $30.97 and a 12-month high of $60.41.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.19. The business had revenue of $978.00 million for the quarter, compared to analysts’ expectations of $820.93 million. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The business’s revenue for the quarter was up 90.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 EPS. As a group, analysts expect that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th will be paid a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 3.1%. The ex-dividend date is Wednesday, August 27th. California Resources’s payout ratio is presently 21.17%.

Wall Street Analysts Forecast Growth

CRC has been the topic of several recent research reports. Bank of America increased their price target on shares of California Resources from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday. Mizuho lifted their price objective on shares of California Resources from $61.00 to $64.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. Wall Street Zen cut shares of California Resources from a “buy” rating to a “hold” rating in a research report on Sunday, June 29th. JPMorgan Chase & Co. upgraded California Resources from a “neutral” rating to an “overweight” rating and increased their target price for the company from $60.00 to $63.00 in a research report on Tuesday, July 15th. Finally, Roth Capital restated a “buy” rating on shares of California Resources in a report on Saturday, July 19th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $63.91.

California Resources Company 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.