Paragon Capital Management Ltd Purchases 627 Shares of California Resources Corporation $CRC

Paragon Capital Management Ltd increased its position in shares of California Resources Corporation (NYSE:CRC) by 13.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,253 shares of the oil and gas producer’s stock after acquiring an additional 627 shares during the quarter. Paragon Capital Management Ltd’s holdings in California Resources were worth $240,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. SummerHaven Investment Management LLC increased its position in shares of California Resources by 1.9% during the first quarter. SummerHaven Investment Management LLC now owns 15,335 shares of the oil and gas producer’s stock worth $674,000 after purchasing an additional 293 shares in the last quarter. New York State Teachers Retirement System increased its position in California Resources by 1.4% during the 1st quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer’s stock valued at $967,000 after buying an additional 300 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in California Resources by 68.8% during the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock valued at $34,000 after buying an additional 316 shares in the last quarter. Xponance Inc. increased its position in California Resources by 7.6% during the 1st quarter. Xponance Inc. now owns 5,304 shares of the oil and gas producer’s stock valued at $233,000 after buying an additional 375 shares in the last quarter. Finally, Yousif Capital Management LLC increased its holdings in shares of California Resources by 1.5% during the first quarter. Yousif Capital Management LLC now owns 27,331 shares of the oil and gas producer’s stock valued at $1,202,000 after acquiring an additional 407 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Bank of America upped their price objective on shares of California Resources from $60.00 to $66.00 and gave the company a “buy” rating in a report on Monday, September 22nd. UBS Group upped their price target on shares of California Resources from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, September 16th. Roth Capital set a $63.00 price target on shares of California Resources in a research note on Monday, September 15th. Zacks Research raised California Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 15th. Finally, Mizuho set a $71.00 target price on California Resources in a research report on Monday, September 15th. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, California Resources presently has an average rating of “Buy” and an average price target of $66.58.

California Resources Stock Up 0.8%

NYSE:CRC opened at $56.54 on Friday. The firm has a market capitalization of $4.73 billion, a P/E ratio of 7.72 and a beta of 1.16. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $60.41. The company’s fifty day moving average price is $50.63 and its 200-day moving average price is $45.07. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.78 and a quick ratio of 0.68.

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

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Wednesday, August 27th were issued a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Wednesday, August 27th. California Resources’s dividend payout ratio (DPR) is 21.17%.

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.