Deutsche Bank AG Decreases Holdings in California Resources Corporation $CRC

Key Points

• Deutsche Bank AG has decreased its stake in California Resources Corporation by 11.8%, selling 28,251 shares, leaving it with 212,077 shares valued at approximately $9.3 million.
• Several institutional investors, including Larson Financial Group LLC and Harbor Capital Advisors Inc., have significantly increased their stakes in California Resources, showcasing heightened interest in the company.
• California Resources has announced a quarterly dividend of $0.3875 per share, yielding an annualized dividend of $1.55, equating to a 3.2% dividend yield for its shareholders.

Deutsche Bank AG lowered its stake in California Resources Corporation (NYSE:CRC - Free Report) by 11.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 212,077 shares of the oil and gas producer's stock after selling 28,251 shares during the quarter. Deutsche Bank AG owned approximately 0.23% of California Resources worth $9,325,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in CRC. Franklin Resources Inc. boosted its stake in California Resources by 11.9% in the 4th quarter. Franklin Resources Inc. now owns 9,867 shares of the oil and gas producer's stock worth $512,000 after purchasing an additional 1,053 shares during the period. Wells Fargo & Company MN boosted its stake in 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 worth $2,947,000 after purchasing an additional 24,960 shares during the period. Bank of Montreal Can boosted its stake in 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 worth $417,000 after purchasing an additional 4,050 shares during the period. Legal & General Group Plc boosted its stake in California Resources by 9.9% in the 4th quarter. Legal & General Group Plc now owns 194,937 shares of the oil and gas producer's stock worth $10,115,000 after purchasing an additional 17,483 shares during the period. Finally, Sterling Capital Management LLC boosted its stake in 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 worth $115,000 after purchasing an additional 1,983 shares during the period. Institutional investors own 97.79% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on CRC. Mizuho raised their target price on California Resources from $61.00 to $64.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Barclays upgraded California Resources from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $50.00 to $60.00 in a research report on Friday, May 30th. Citigroup lifted their price target on California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Bank of America dropped their price target on California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upgraded California Resources from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $60.00 to $63.00 in a research report on Tuesday, July 15th. 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. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $63.00.

California Resources Price Performance

Shares of NYSE CRC traded up $0.3160 during trading hours on Wednesday, reaching $47.6960. 800,233 shares of the stock traded hands, compared to its average volume of 898,767. The company has a market capitalization of $3.99 billion, a P/E ratio of 6.52 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. The company's 50-day simple moving average is $47.61 and its two-hundred day simple moving average is $43.79.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share for the quarter, beating analysts' consensus estimates 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%.California Resources's revenue for the quarter was up 90.3% compared to the same quarter last year. During the same period last year, the firm posted $0.60 EPS. Equities research analysts forecast that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Dividend Announcement

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