American Century Companies Inc. Raises Position in California Resources Corporation $CRC

Key Points

• American Century Companies Inc. increased its holdings in California Resources Corporation by 10.7%, owning 2,576,160 shares valued at approximately $113 million after acquiring 248,448 additional shares.
• California Resources announced a quarterly dividend of $0.3875 per share, which will be paid on September 12th, representing a 3.2% dividend yield.
• In its recent earnings report, California Resources surpassed analysts' expectations with an EPS of $1.10 and revenue of $978 million, reflecting a 90.3% increase year-over-year.

American Century Companies Inc. boosted its position in California Resources Corporation (NYSE:CRC - Free Report) by 10.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,576,160 shares of the oil and gas producer's stock after purchasing an additional 248,448 shares during the period. American Century Companies Inc. owned 2.89% of California Resources worth $113,274,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CRC. Wells Fargo & Company MN grew its position in shares of California Resources by 78.4% in the 4th quarter. Wells Fargo & Company MN now owns 56,798 shares of the oil and gas producer's stock valued at $2,947,000 after buying an additional 24,960 shares during the last quarter. Bank of Montreal Can grew its position in shares of California Resources by 101.7% in the 4th quarter. Bank of Montreal Can now owns 8,033 shares of the oil and gas producer's stock valued at $417,000 after buying an additional 4,050 shares during the last quarter. Sterling Capital Management LLC grew its position in shares of California Resources by 833.2% in the 4th quarter. Sterling Capital Management LLC now owns 2,221 shares of the oil and gas producer's stock valued at $115,000 after buying an additional 1,983 shares during the last quarter. Summit Investment Advisors Inc. grew its position in shares of California Resources by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,217 shares of the oil and gas producer's stock valued at $374,000 after buying an additional 228 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of California Resources in the 4th quarter valued at about $3,664,000. Institutional investors own 97.79% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. UBS Group upped their price target on California Resources from $61.00 to $63.00 and gave the company a "buy" rating in a research report on Wednesday. Bank of America reduced their price target on California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Wall Street Zen lowered California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. JPMorgan Chase & Co. upgraded California Resources from a "neutral" rating to an "overweight" rating and upped their target price for the company from $60.00 to $63.00 in a research report on Tuesday, July 15th. Finally, Mizuho upped their target price on California Resources from $61.00 to $64.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $63.00.

California Resources Stock Up 3.5%

NYSE:CRC traded up $1.7010 on Friday, hitting $49.7910. The stock had a trading volume of 251,767 shares, compared to its average volume of 945,036. The business's fifty day moving average is $47.65 and its 200 day moving average is $43.79. The company has a market cap of $4.17 billion, a PE ratio of 6.80 and a beta of 1.16. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (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 prior year, the company earned $0.60 earnings per share. On average, equities research analysts expect that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th will be issued a $0.3875 dividend. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 annualized dividend and a yield of 3.1%. California Resources's dividend payout ratio is presently 21.17%.

California Resources 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.