Brandywine Global Investment Management LLC Has $14.45 Million Stake in California Resources Corporation $CRC

Brandywine Global Investment Management LLC decreased its position in California Resources Corporation (NYSE:CRC) by 3.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 316,476 shares of the oil and gas producer’s stock after selling 12,300 shares during the quarter. Brandywine Global Investment Management LLC owned about 0.38% of California Resources worth $14,453,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRC. Caitong International Asset Management Co. Ltd acquired a new position in shares of California Resources during the 2nd quarter worth $35,000. Nomura Asset Management Co. Ltd. increased its position in California Resources by 97.9% during the second quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock worth $42,000 after buying an additional 460 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in California Resources during the first quarter valued at about $79,000. Strs Ohio bought a new position in California Resources during the first quarter valued at about $106,000. Finally, EntryPoint Capital LLC acquired a new stake in shares of California Resources in the first quarter worth about $220,000. Institutional investors own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CRC shares. Bank of America increased their price objective on California Resources from $60.00 to $66.00 and gave the company a “buy” rating in a report on Monday, September 22nd. JPMorgan Chase & Co. increased their price target on California Resources from $64.00 to $66.00 and gave the company an “overweight” rating in a report on Friday, October 10th. UBS Group reduced their price objective on shares of California Resources from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, November 10th. Zacks Research downgraded shares of California Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.27.

California Resources Trading Up 0.1%

Shares of CRC stock opened at $46.18 on Friday. The firm has a market capitalization of $3.87 billion, a P/E ratio of 10.74 and a beta of 1.15. California Resources Corporation has a 1 year low of $30.97 and a 1 year high of $60.08. The firm’s fifty day simple moving average is $50.14 and its 200 day simple moving average is $47.92. 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 (NYSE:CRC) last posted its quarterly earnings results 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. The company had revenue of $855.00 million for the quarter, compared to analyst estimates of $888.58 million. California Resources had a net margin of 10.60% and a return on equity of 11.59%. The business’s quarterly revenue was down 36.8% on a year-over-year basis. During the same period last year, the business posted $1.50 EPS. As a group, sell-side analysts predict that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a $0.405 dividend. This is a positive change from California Resources’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.62 annualized dividend and a yield of 3.5%. California Resources’s payout ratio is currently 36.05%.

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.