Victory Capital Management Inc. reduced its holdings in California Resources Co. (NYSE:CRC – Get Rating) by 15.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 214,174 shares of the oil and gas producer's stock after selling 39,391 shares during the period. Victory Capital Management Inc. owned about 0.28% of California Resources worth $8,231,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Corvex Management LP boosted its holdings in California Resources by 399.1% during the second quarter. Corvex Management LP now owns 3,385,534 shares of the oil and gas producer's stock worth $130,343,000 after buying an additional 2,707,159 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in California Resources by 292.4% during the first quarter. Renaissance Technologies LLC now owns 853,136 shares of the oil and gas producer's stock worth $38,161,000 after buying an additional 635,700 shares in the last quarter. Deutsche Bank AG boosted its holdings in California Resources by 409.1% during the second quarter. Deutsche Bank AG now owns 717,895 shares of the oil and gas producer's stock worth $27,639,000 after buying an additional 576,872 shares in the last quarter. State Street Corp boosted its holdings in California Resources by 21.2% during the first quarter. State Street Corp now owns 3,298,250 shares of the oil and gas producer's stock worth $147,531,000 after buying an additional 576,042 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in California Resources by 57.0% during the second quarter. Principal Financial Group Inc. now owns 1,244,414 shares of the oil and gas producer's stock worth $47,911,000 after buying an additional 452,023 shares in the last quarter.
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California Resources Price Performance
Shares of NYSE CRC opened at $43.16 on Friday. The firm has a 50-day simple moving average of $43.90 and a 200-day simple moving average of $44.03. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of 2.98 and a beta of 1.20. The company has a quick ratio of 0.89, a current ratio of 0.95 and a debt-to-equity ratio of 0.32. California Resources Co. has a 52 week low of $35.95 and a 52 week high of $51.46.
California Resources (NYSE:CRC – Get Rating) last issued its earnings results on Thursday, November 3rd. The oil and gas producer reported $1.45 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.17. The business had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $755.00 million. California Resources had a net
margin of 43.44% and a return on equity of 28.71%. On average, equities analysts predict that California Resources Co. will post 5.51 earnings per share for the current fiscal year.
California Resources Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, December 16th. Stockholders of record on Thursday, December 1st were given a $0.282 dividend. This represents a $1.13 dividend on an annualized basis and a dividend yield of 2.61%. This is a boost from California Resources's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Wednesday, November 30th. California Resources's dividend payout ratio is 7.81%.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on CRC. Bank of America raised shares of California Resources from an "underperform" rating to a "neutral" rating and increased their price target for the stock from $49.00 to $58.00 in a report on Tuesday, November 15th. Stifel Nicolaus initiated coverage on shares of California Resources in a research report on Wednesday, October 19th. They set a "buy" rating and a $63.00 price objective for the company. StockNews.com cut shares of California Resources from a "buy" rating to a "hold" rating in a research report on Wednesday, October 19th. Finally, Mizuho initiated coverage on shares of California Resources in a research report on Monday, January 9th. They set a "buy" rating and a $60.00 price objective for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, California Resources currently has an average rating of "Moderate Buy" and a consensus price target of $56.67.
About California Resources
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California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, 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.
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