Voya Investment Management LLC Acquires 11,336 Shares of California Resources Corporation $CRC

Key Points

• Voya Investment Management LLC increased its holdings in California Resources Corporation by 27.6% during the first quarter, owning 52,384 shares worth approximately $2.3 million.
• California Resources Corporation reported quarterly earnings of $1.10 per share, surpassing analysts' estimates and achieving a 90.3% year-over-year increase in revenue.
• The company announced a quarterly dividend of $0.3875 per share, representing an annual yield of 2.8%.

Voya Investment Management LLC raised its holdings in California Resources Corporation (NYSE:CRC - Free Report) by 27.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 52,384 shares of the oil and gas producer's stock after acquiring an additional 11,336 shares during the period. Voya Investment Management LLC owned approximately 0.06% of California Resources worth $2,303,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CRC. Lazard Asset Management LLC raised its holdings in shares of California Resources by 52,366.7% in the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock valued at $81,000 after purchasing an additional 1,571 shares in the last quarter. Millennium Management LLC boosted its holdings in California Resources by 1,679.8% during the fourth quarter. Millennium Management LLC now owns 190,443 shares of the oil and gas producer's stock worth $9,882,000 after buying an additional 179,743 shares in the last quarter. Man Group plc purchased a new stake in California Resources during the fourth quarter worth about $613,000. State of Wyoming acquired a new position in California Resources during the fourth quarter worth about $131,000. Finally, Squarepoint Ops LLC raised its position in shares of California Resources by 22.5% in the fourth quarter. Squarepoint Ops LLC now owns 25,297 shares of the oil and gas producer's stock valued at $1,313,000 after buying an additional 4,647 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Trading Down 0.5%

NYSE:CRC traded down $0.28 during trading hours on Monday, hitting $54.72. The stock had a trading volume of 1,167,752 shares, compared to its average volume of 1,104,699. The business's 50 day moving average is $49.87 and its 200-day moving average is $44.63. California Resources Corporation has a one year low of $30.97 and a one year 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. The company has a market cap of $4.58 billion, a price-to-earnings ratio of 12.01 and a beta of 1.16.

California Resources (NYSE:CRC - Get Free Report) last announced its earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 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 business had revenue of $978.00 million during the quarter, compared to analysts' expectations of $820.93 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. The firm's revenue was up 90.3% on a year-over-year basis. Sell-side analysts anticipate that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th were paid a dividend of $0.3875 per share. The ex-dividend date of this dividend was Wednesday, August 27th. This represents a $1.55 annualized dividend and a yield of 2.8%. California Resources's payout ratio is presently 21.17%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CRC. Bank of America upped their target price on California Resources from $60.00 to $66.00 and gave the stock a "buy" rating in a research report on Monday. Jefferies Financial Group set a $71.00 price objective on shares of California Resources and gave the stock a "buy" rating in a report on Sunday. Zacks Research raised shares of California Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 15th. Barclays lifted their price objective on shares of California Resources from $60.00 to $66.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 16th. Finally, Roth Capital set a $63.00 target price on shares of California Resources in a research report on Monday, September 15th. Three analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $66.58.

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.