27,743 Shares in California Resources Corporation $CRC Purchased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd purchased a new position in shares of California Resources Corporation (NYSE:CRC) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 27,743 shares of the oil and gas producer’s stock, valued at approximately $1,267,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. American Century Companies Inc. grew its holdings in shares of California Resources by 10.7% during the first quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer’s stock worth $113,274,000 after buying an additional 248,448 shares during the last quarter. Orbis Allan Gray Ltd boosted its holdings in shares of California Resources by 3.0% in the first quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer’s stock valued at $52,713,000 after acquiring an additional 34,593 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of California Resources by 4.4% in the first quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer’s stock valued at $46,780,000 after acquiring an additional 44,938 shares in the last quarter. Private Management Group Inc. boosted its holdings in shares of California Resources by 11.5% in the first quarter. Private Management Group Inc. now owns 888,903 shares of the oil and gas producer’s stock valued at $39,085,000 after acquiring an additional 91,737 shares in the last quarter. Finally, DAVENPORT & Co LLC boosted its holdings in shares of California Resources by 1.6% in the second quarter. DAVENPORT & Co LLC now owns 800,601 shares of the oil and gas producer’s stock valued at $36,563,000 after acquiring an additional 12,315 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CRC. Mizuho set a $71.00 target price 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 report on Wednesday, October 8th. Barclays lifted their target price on shares of California Resources from $60.00 to $66.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Bank of America lifted their target price 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. Finally, JPMorgan Chase & Co. lifted their target price on shares of California Resources from $64.00 to $66.00 and gave the company an “overweight” rating in a report on Friday, October 10th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, California Resources presently has an average rating of “Moderate Buy” and an average price target of $66.27.

California Resources Price Performance

Shares of NYSE:CRC opened at $47.21 on Monday. The business’s 50 day simple moving average is $51.12 and its 200-day simple moving average is $46.84. The firm has a market capitalization of $3.95 billion, a price-to-earnings ratio of 6.45 and a beta of 1.15. 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 Corporation has a 12 month low of $30.97 and a 12 month high of $60.41.

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

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Wednesday, August 27th were paid a dividend of $0.3875 per share. The ex-dividend date of this dividend was Wednesday, August 27th. This represents a $1.55 annualized dividend and a dividend yield of 3.3%. California Resources’s payout ratio 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.