California Resources Corporation $CRC Stock Position Raised by DAVENPORT & Co LLC

DAVENPORT & Co LLC boosted its position in shares of California Resources Corporation (NYSE:CRC) by 1.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 800,601 shares of the oil and gas producer’s stock after purchasing an additional 12,315 shares during the period. DAVENPORT & Co LLC’s holdings in California Resources were worth $36,563,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CRC. American Century Companies Inc. boosted its position in shares of California Resources by 10.7% in 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 period. Orbis Allan Gray Ltd lifted its stake in California Resources by 3.0% in the 1st quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer’s stock worth $52,713,000 after acquiring an additional 34,593 shares in the last quarter. Victory Capital Management Inc. boosted its position in California Resources by 4.4% during the 1st quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer’s stock worth $46,780,000 after acquiring an additional 44,938 shares during the period. Private Management Group Inc. grew its stake in California Resources by 11.5% during the 1st 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, Millennium Management LLC increased its holdings in shares of California Resources by 255.5% in the 1st quarter. Millennium Management LLC now owns 677,093 shares of the oil and gas producer’s stock valued at $29,772,000 after purchasing an additional 486,650 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Stock Up 1.6%

California Resources stock opened at $52.89 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.26. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $60.41. The firm’s fifty day simple moving average is $51.01 and its 200-day simple moving average is $45.43. The company has a market capitalization of $4.43 billion, a P/E ratio of 7.23 and a beta of 1.16.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The firm had revenue of $978.00 million during the quarter, compared to analysts’ expectations of $820.93 million. During the same period in the prior year, the company posted $0.60 earnings per share. California Resources’s revenue for the quarter was up 90.3% on a year-over-year basis. Sell-side analysts forecast that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Wednesday, August 27th were issued a dividend of $0.3875 per share. The ex-dividend date of this dividend was Wednesday, August 27th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.9%. California Resources’s dividend payout ratio is currently 21.17%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CRC. Mizuho set a $71.00 price target on shares of California Resources in a report on Monday, September 15th. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a research note on Saturday, September 27th. UBS Group boosted their price target on shares of California Resources from $63.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Jefferies Financial Group set a $71.00 price objective on California Resources and gave the stock a “buy” rating in a report on Sunday, September 21st. Finally, Wall Street Zen cut California Resources from a “buy” rating to a “hold” rating in a research report on Sunday, June 29th. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $66.58.

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.