Hotchkis & Wiley Capital Management LLC Has $10.03 Million Holdings in California Resources Corporation $CRC

Key Points

• Hotchkis & Wiley Capital Management LLC has reduced its holdings in California Resources Corporation by 33.6%, now owning 228,110 shares valued at approximately $10.03 million.
• California Resources announced a quarterly dividend of $0.3875 per share, with a yield of 3.1%, to be paid on September 12th.
• The company reported strong quarterly earnings with an EPS of $1.10, exceeding expectations, and a revenue increase of 90.3% year-over-year.

Hotchkis & Wiley Capital Management LLC trimmed its holdings in shares of California Resources Corporation (NYSE:CRC - Free Report) by 33.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 228,110 shares of the oil and gas producer's stock after selling 115,490 shares during the period. Hotchkis & Wiley Capital Management LLC owned 0.26% of California Resources worth $10,030,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. American Century Companies Inc. grew its holdings in shares of California Resources by 10.7% during the first quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer's stock worth $113,274,000 after purchasing an additional 248,448 shares during the last quarter. Sourcerock Group LLC lifted its position in California Resources by 6.5% during 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 in the last quarter. Victory Capital Management Inc. grew its holdings in California Resources by 4.4% during 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 acquiring an additional 44,938 shares during the last quarter. Private Management Group Inc. grew its holdings in California Resources by 11.5% during 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 acquiring an additional 91,737 shares during the last quarter. Finally, Northern Trust Corp increased its position in 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 valued at $44,348,000 after acquiring an additional 48,858 shares in the last quarter. Institutional investors own 97.79% of the company's stock.

California Resources Stock Performance

Shares of California Resources stock opened at $49.8330 on Monday. The firm has a fifty day moving average of $47.70 and a two-hundred day moving average of $43.74. The stock has a market capitalization of $4.17 billion, a price-to-earnings ratio of 6.81 and a beta of 1.16. 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 quick ratio of 0.68 and a current ratio of 0.78.

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, topping the consensus estimate of $0.91 by $0.19. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The business had revenue of $978.00 million for the quarter, compared to analyst estimates of $820.93 million. During the same period last year, the company earned $0.60 EPS. The firm's revenue was up 90.3% on a year-over-year basis. 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 business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th will be issued a dividend of $0.3875 per share. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 dividend on an annualized basis and a yield of 3.1%. California Resources's dividend payout ratio (DPR) is 21.17%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Mizuho upped their target price on shares of California Resources from $61.00 to $64.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. Truist Financial upgraded California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Bank of America dropped their target price 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, Citigroup raised their price target on California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $63.00.

California Resources Company 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.

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