Voya Investment Management LLC Boosts Holdings in California Resources Corporation $CRC

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

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. American Century Companies Inc. boosted its holdings in shares of California Resources by 10.7% in 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 buying an additional 248,448 shares during the last quarter. Orbis Allan Gray Ltd boosted its holdings in shares of California Resources by 3.0% in the first quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer’s stock worth $52,713,000 after buying 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 buying an additional 44,938 shares during the last quarter. Private Management Group Inc. boosted its holdings in shares of California Resources by 11.5% in the first quarter. Private Management Group Inc. now owns 888,903 shares of the oil and gas producer’s stock worth $39,085,000 after buying an additional 91,737 shares during the last quarter. Finally, DAVENPORT & Co LLC boosted its holdings in shares of California Resources by 7.7% in the first quarter. DAVENPORT & Co LLC now owns 788,286 shares of the oil and gas producer’s stock worth $34,552,000 after buying an additional 56,574 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Trading Down 4.5%

CRC stock opened at $54.99 on Monday. 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 twelve month low of $30.97 and a twelve month high of $60.41. The stock has a market capitalization of $4.60 billion, a price-to-earnings ratio of 7.51 and a beta of 1.16. The firm’s fifty day simple moving average is $49.87 and its two-hundred day simple moving average is $44.63.

California Resources (NYSE:CRC) last posted 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. 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 for the quarter, compared to analysts’ expectations of $820.93 million. During the same quarter in the previous year, the business posted $0.60 earnings per share. The business’s revenue was up 90.3% compared to the same quarter last year. As a group, analysts anticipate that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have commented on CRC shares. Mizuho set a $71.00 target price on shares of California Resources in a research note on Monday, September 15th. UBS Group raised their target price on shares of California Resources from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, September 16th. Roth Capital set a $63.00 target price on shares of California Resources in a research note on Monday, September 15th. Barclays raised their target price 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, Bank of America raised their target price on shares of California Resources from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, September 3rd. Three 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $65.50.

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.