Vontobel Holding Ltd. Invests $2.02 Million in California Resources Corporation $CRC

Key Points

• Vontobel Holding Ltd. has acquired 44,189 shares of California Resources Corporation worth approximately $2.02 million in the second quarter, according to their SEC filing.
• California Resources Corporation's stock has received increased price targets from various analysts, with JPMorgan Chase raising its target from $64 to $66 and maintaining an "overweight" rating.
• The company recently announced a quarterly dividend of $0.3875 per share, representing a yield of 3.2%, with a payout ratio of 21.17%.

Vontobel Holding Ltd. purchased a new position in shares of California Resources Corporation (NYSE:CRC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 44,189 shares of the oil and gas producer's stock, valued at approximately $2,018,000.

Other institutional investors also recently modified their holdings of the company. American Century Companies Inc. grew its position in California Resources by 10.7% during the 1st quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer's stock worth $113,274,000 after acquiring an additional 248,448 shares during the last quarter. Orbis Allan Gray Ltd increased its position in shares of California Resources by 3.0% during the first quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer's stock valued at $52,713,000 after acquiring an additional 34,593 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of California Resources by 4.4% in the first 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 period. Private Management Group Inc. boosted its stake in California Resources by 11.5% during the first quarter. Private Management Group Inc. now owns 888,903 shares of the oil and gas producer's stock valued at $39,085,000 after buying an additional 91,737 shares during the period. Finally, DAVENPORT & Co LLC lifted its stake in California Resources by 1.6% during the second quarter. DAVENPORT & Co LLC now owns 800,601 shares of the oil and gas producer's stock worth $36,563,000 after purchasing an additional 12,315 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price target on California Resources from $64.00 to $66.00 and gave the company an "overweight" rating in a report on Friday. Roth Capital set a $63.00 price objective on shares of California Resources in a research note on Monday, September 15th. Weiss Ratings reissued a "hold (c)" rating on shares of California Resources in a report on Wednesday. Bank of America boosted their price objective on shares of California Resources from $60.00 to $66.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Finally, Barclays upped their price target on shares of California Resources from $60.00 to $66.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 16th. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, California Resources has a consensus rating of "Buy" and an average target price of $66.83.

California Resources Price Performance

Shares of NYSE:CRC opened at $48.73 on Friday. 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 market capitalization of $4.08 billion, a P/E ratio of 6.66 and a beta of 1.16. The company's fifty day moving average price is $51.30 and its 200 day moving average price is $45.69.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data 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 net margin of 16.14% and a return on equity of 11.95%. The company had revenue of $978.00 million for the quarter, compared to the consensus estimate of $820.93 million. During the same period last year, the firm posted $0.60 EPS. California Resources's revenue for the quarter was up 90.3% on a year-over-year basis. As a group, sell-side analysts predict that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Wednesday, August 27th were issued a $0.3875 dividend. The ex-dividend date of this dividend was Wednesday, August 27th. This represents a $1.55 annualized dividend and a dividend yield of 3.2%. California Resources's payout ratio is presently 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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