California Resources Corporation (NYSE:CRC) Stake Lifted by Victory Capital Management Inc.

Victory Capital Management Inc. increased its stake in shares of California Resources Corporation (NYSE:CRC - Free Report) by 4.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,063,905 shares of the oil and gas producer's stock after buying an additional 44,938 shares during the quarter. Victory Capital Management Inc. owned about 1.17% of California Resources worth $46,780,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its holdings in California Resources by 2.1% during the first quarter. Principal Financial Group Inc. now owns 384,200 shares of the oil and gas producer's stock worth $16,893,000 after purchasing an additional 8,047 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in California Resources by 50.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,211 shares of the oil and gas producer's stock worth $463,000 after purchasing an additional 3,436 shares in the last quarter. New York State Teachers Retirement System boosted its holdings in California Resources by 1.4% during the first quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer's stock worth $967,000 after buying an additional 300 shares in the last quarter. KBC Group NV boosted its holdings in 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 worth $157,000 after buying an additional 1,043 shares in the last quarter. Finally, Crossmark Global Holdings Inc. boosted its holdings in California Resources by 17.4% during the first quarter. Crossmark Global Holdings Inc. now owns 4,823 shares of the oil and gas producer's stock worth $212,000 after buying an additional 716 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Trading Up 0.8%

CRC traded up $0.41 during midday trading on Wednesday, hitting $49.39. The company's stock had a trading volume of 1,124,364 shares, compared to its average volume of 854,955. The company has a current ratio of 0.83, a quick ratio of 0.74 and a debt-to-equity ratio of 0.25. The firm has a market cap of $4.40 billion, a P/E ratio of 8.96 and a beta of 1.16. The firm has a 50-day moving average price of $45.71 and a two-hundred day moving average price of $44.38. 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 issued its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.83 by $0.24. The business had revenue of $912.00 million during the quarter, compared to analysts' expectations of $862.14 million. California Resources had a return on equity of 11.45% and a net margin of 13.70%. The company's revenue for the quarter was up 100.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.75 EPS. On average, research analysts anticipate that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend was Friday, May 30th. California Resources's dividend payout ratio is currently 28.13%.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Mizuho boosted their price objective on shares of California Resources from $60.00 to $61.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. UBS Group set a $58.00 target price on shares of California Resources and gave the company a "buy" rating in a report on Monday, July 14th. Bank of America dropped their target price on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Barclays raised shares of California Resources from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $50.00 to $60.00 in a research note on Friday, May 30th. Finally, Roth Capital reissued a "buy" rating on shares of California Resources in a research note on Saturday. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $62.27.

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.