Brandywine Global Investment Management LLC Purchases Shares of 328,776 California Resources Corporation $CRC

Key Points

• Brandywine Global Investment Management LLC acquired 328,776 shares of California Resources Corporation, worth approximately $14.46 million, reflecting a 0.37% stake in the company.
• California Resources Corporation reported better-than-expected earnings of $1.10 per share for the latest quarter, with revenues of $978 million, up 90.3% year-over-year.
• The company has declared a quarterly dividend of $0.3875 per share, representing an annualized yield of 3.2%, with a dividend payout ratio currently at 21.17%.

Brandywine Global Investment Management LLC bought a new position in California Resources Corporation (NYSE:CRC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 328,776 shares of the oil and gas producer's stock, valued at approximately $14,456,000. Brandywine Global Investment Management LLC owned about 0.37% of California Resources as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. First Trust Advisors LP boosted its stake in shares of California Resources by 14.2% in the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer's stock worth $353,800,000 after buying an additional 845,694 shares during the last quarter. Sourcerock Group LLC boosted its stake in shares of California Resources by 6.5% in the 4th quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer's stock worth $56,298,000 after buying an additional 65,981 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of California Resources by 4.4% in 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 buying an additional 44,938 shares during the last quarter. Private Management Group Inc. boosted its stake in shares of California Resources by 11.5% in the 1st quarter. Private Management Group Inc. now owns 888,903 shares of the oil and gas producer's stock worth $39,085,000 after buying an additional 91,737 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of California Resources by 6.1% in the 4th quarter. Northern Trust Corp now owns 854,661 shares of the oil and gas producer's stock worth $44,348,000 after buying an additional 48,858 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

Analyst Upgrades and Downgrades

CRC has been the topic of a number of research analyst reports. Roth Capital restated a "buy" rating on shares of California Resources in a research note on Saturday, July 19th. Citigroup upped their price objective on California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Barclays upgraded California Resources from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $50.00 to $60.00 in a research note on Friday, May 30th. Mizuho upped their price objective on California Resources from $61.00 to $64.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Finally, Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $63.00.

California Resources Stock Performance

Shares of NYSE:CRC traded up $0.3950 during trading on Wednesday, hitting $47.7750. 405,923 shares of the company were exchanged, compared to its average volume of 948,803. The company has a market cap of $4.00 billion, a PE ratio of 6.53 and a beta of 1.16. The stock has a 50 day moving average of $47.58 and a 200 day moving average of $43.76. California Resources Corporation has a 52-week low of $30.97 and a 52-week high of $60.41. 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 (NYSE:CRC - Get Free Report) 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 return on equity of 11.95% and a net margin of 16.14%.The company had revenue of $978.00 million for the quarter, compared to the consensus estimate of $820.93 million. During the same quarter last year, the business posted $0.60 earnings per share. The firm's revenue was up 90.3% compared to the same quarter last year. As a group, equities research analysts predict that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Wednesday, August 27th will be paid a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Wednesday, August 27th. California Resources's dividend payout ratio is currently 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.