California Resources Corporation $CRC Stock Holdings Boosted by Vontobel Holding Ltd.

Key Points

• Vontobel Holding increased its California Resources stake by 69% in the third quarter, bringing its holdings to 65,151 shares valued at approximately $3.31 million. Institutional investors and hedge funds collectively own 97.79% of CRC shares.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $74.44, compared with CRC’s opening price of $54.27.
• California Resources reported quarterly revenue of $1.30 billion, up 33% year over year, but earnings per share of $0.99 missed estimates of $1.36. The company also pays a quarterly dividend of $0.405 per share, representing a 3.0% annualized yield.

Vontobel Holding Ltd. grew its stake in shares of California Resources Corporation (NYSE:CRC - Free Report) by 69.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 65,151 shares of the oil and gas producer's stock after buying an additional 26,590 shares during the quarter. Vontobel Holding Ltd. owned approximately 0.07% of California Resources worth $3,310,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CRC. Bank of New York Mellon Corp bought a new position in shares of California Resources during the second quarter valued at $63,205,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of California Resources in the first quarter worth $62,698,000. Bank of America Corp DE grew its stake in shares of California Resources by 57.1% in the first quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer's stock worth $40,543,000 after purchasing an additional 212,827 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of California Resources by 12.8% in the first quarter. Janus Henderson Group PLC now owns 480,413 shares of the oil and gas producer's stock worth $33,254,000 after purchasing an additional 54,703 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in California Resources by 20.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 282,711 shares of the oil and gas producer's stock valued at $18,667,000 after purchasing an additional 47,914 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CRC shares. Barclays set a $74.00 target price on California Resources and gave the stock an "overweight" rating in a research report on Monday, August 17th. Zacks Research upgraded California Resources from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 26th. Seaport Research Partners assumed coverage on California Resources in a research report on Thursday, September 3rd. They issued a "neutral" rating on the stock. UBS Group reissued a "buy" rating and issued a $68.00 price target (down from $73.00) on shares of California Resources in a research note on Monday, October 12th. Finally, Roth Capital restated a "buy" rating and set a $59.00 price objective (up from $58.00) on shares of California Resources in a research report on Thursday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $74.44.

California Resources Price Performance

CRC stock opened at $54.27 on Monday. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 0.38. The firm has a market cap of $4.82 billion, a price-to-earnings ratio of -39.90 and a beta of 1.02. The company's fifty day simple moving average is $53.47 and its 200 day simple moving average is $56.81. California Resources Corporation has a 12-month low of $43.24 and a 12-month high of $71.98.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share for the quarter, missing analysts' consensus estimates of $1.36 by ($0.37). California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%. The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $960.20 million. During the same quarter in the previous year, the business posted $1.10 earnings per share. The business's revenue was up 33.0% on a year-over-year basis. On average, analysts expect that California Resources Corporation will post 4.03 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were paid a dividend of $0.4050 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.62 annualized dividend and a yield of 3.0%. California Resources's dividend payout ratio (DPR) is currently -119.12%.

Insider Buying and Selling

In other California Resources news, EVP Jay Bys sold 11,907 shares of California Resources stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president directly owned 123,703 shares in the company, valued at approximately $6,679,962. The trade was a 8.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,721 shares of company stock worth $1,928,934 over the last ninety days. Company insiders own 0.53% of the company's stock.

About California Resources

California Resources Corporation NYSE: CRC is an independent energy and carbon management company focused on developing and producing oil, natural gas and natural gas liquids. The company also pursues carbon capture and sequestration projects intended to reduce emissions from industrial activities while supporting California's energy and environmental objectives.

CRC's operations are concentrated in California, with assets spanning several of the state's major oil-producing regions, including the San Joaquin, Los Angeles and Ventura basins.

Want to see what other hedge funds are holding CRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for California Resources Corporation (NYSE:CRC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.