DAVENPORT & Co LLC Boosts Stake in California Resources Co. (NYSE:CRC)

DAVENPORT & Co LLC boosted its stake in shares of California Resources Co. (NYSE:CRC - Free Report) by 179.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 420,946 shares of the oil and gas producer's stock after acquiring an additional 270,508 shares during the quarter. DAVENPORT & Co LLC owned 0.61% of California Resources worth $23,127,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Cambria Investment Management L.P. grew its position in shares of California Resources by 8.5% during the 3rd quarter. Cambria Investment Management L.P. now owns 167,856 shares of the oil and gas producer's stock valued at $9,402,000 after acquiring an additional 13,104 shares during the period. Wellington Management Group LLP purchased a new stake in shares of California Resources in the third quarter valued at approximately $1,824,000. Lazard Asset Management LLC raised its stake in shares of California Resources by 38.1% during the 3rd quarter. Lazard Asset Management LLC now owns 10,616 shares of the oil and gas producer's stock worth $594,000 after buying an additional 2,931 shares during the period. Xponance Inc. purchased a new position in shares of California Resources during the 3rd quarter valued at approximately $241,000. Finally, Public Employees Retirement System of Ohio grew its stake in California Resources by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 44,054 shares of the oil and gas producer's stock valued at $2,467,000 after acquiring an additional 242 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Trading Up 0.8 %

NYSE CRC traded up $0.41 during trading hours on Wednesday, reaching $53.69. The company had a trading volume of 612,652 shares, compared to its average volume of 978,782. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $3.69 billion, a P/E ratio of 6.95 and a beta of 1.02. The stock has a 50-day moving average of $52.64 and a 200 day moving average of $52.76. California Resources Co. has a 1-year low of $37.21 and a 1-year high of $58.44.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing analysts' consensus estimates of $1.01 by ($0.08). The firm had revenue of $726.00 million for the quarter, compared to analyst estimates of $553.47 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The firm's revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the company earned $1.24 earnings per share. As a group, research analysts anticipate that California Resources Co. will post 4.57 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 18th. Shareholders of record on Wednesday, March 6th were paid a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.31%. California Resources's dividend payout ratio (DPR) is 16.06%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CRC shares. Stifel Nicolaus decreased their price target on shares of California Resources from $72.00 to $68.00 and set a "buy" rating on the stock in a research note on Friday, March 22nd. Bank of America downgraded California Resources from a "buy" rating to a "neutral" rating and decreased their target price for the company from $64.00 to $60.00 in a research report on Friday, January 5th. Royal Bank of Canada reiterated an "outperform" rating and set a $70.00 price target on shares of California Resources in a research report on Wednesday, March 6th. Finally, Mizuho decreased their price objective on California Resources from $69.00 to $63.00 and set a "buy" rating on the stock in a report on Friday, March 22nd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $63.67.

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.