California Resources Corporation $CRC Shares Acquired by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC increased its stake in California Resources Corporation by 1.6%, owning approximately 0.90% of the company and valuing its investment at $36.56 million.
• California Resources has received mixed analyst ratings, with Mizuho setting a price target of $71.00 and others such as Barclays and UBS raising their targets, indicating a generally positive outlook.
• The company announced a quarterly dividend of $0.3875 per share, representing an annualized yield of 2.9%, with a payout ratio currently at 21.17%.

DAVENPORT & Co LLC boosted its position in California Resources Corporation (NYSE:CRC - Free Report) by 1.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 800,601 shares of the oil and gas producer's stock after purchasing an additional 12,315 shares during the quarter. DAVENPORT & Co LLC owned about 0.90% of California Resources worth $36,563,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRC. Larson Financial Group LLC raised its holdings in shares of California Resources by 269.4% during the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock valued at $28,000 after buying an additional 466 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in California Resources by 68.8% during the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock valued at $34,000 after acquiring an additional 316 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in California Resources during the 1st quarter worth $79,000. Strs Ohio bought a new position in shares of California Resources in the first quarter worth $106,000. Finally, KBC Group NV increased its holdings in shares of California Resources by 41.3% during the first quarter. KBC Group NV now owns 3,569 shares of the oil and gas producer's stock valued at $157,000 after purchasing an additional 1,043 shares during the period. Institutional investors own 97.79% of the company's stock.

Analysts Set New Price Targets

CRC has been the subject of several research analyst reports. Mizuho set a $71.00 price objective on shares of California Resources in a report on Monday, September 15th. Wall Street Zen cut shares of California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. Zacks Research upgraded shares of California Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 15th. Barclays upped their target price on California Resources from $60.00 to $66.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 16th. Finally, UBS Group increased their price target on California Resources from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday, September 16th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, California Resources presently has an average rating of "Buy" and an average price target of $66.58.

California Resources Stock Up 1.6%

CRC stock opened at $52.89 on Monday. The firm has a market cap of $4.43 billion, a PE ratio of 7.23 and a beta of 1.16. California Resources Corporation has a 12 month low of $30.97 and a 12 month 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. The firm has a 50 day simple moving average of $51.01 and a 200 day simple moving average of $45.43.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.19. The company had revenue of $978.00 million for the quarter, compared to analysts' expectations of $820.93 million. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The firm's 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. Equities research 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 announced 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. This represents a $1.55 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Wednesday, August 27th. California Resources's dividend payout ratio is currently 21.17%.

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.

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