American Century Companies Inc. Acquires 258,740 Shares of California Resources Co. (NYSE:CRC)

Posted by Defense World Staff on Aug 30th, 2023

American Century Companies Inc. boosted its holdings in California Resources Co. (NYSE:CRC – Free Report) by 52.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 751,605 shares of the oil and gas producer’s stock after acquiring an additional 258,740 shares during the quarter. American Century Companies Inc. owned 1.07% of California Resources worth $28,937,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CRC. JPMorgan Chase & Co. boosted its position in shares of California Resources by 47.1% during the first quarter. JPMorgan Chase & Co. now owns 160,038 shares of the oil and gas producer’s stock valued at $7,159,000 after buying an additional 51,208 shares during the last quarter. Citigroup Inc. boosted its holdings in California Resources by 13.2% during the 1st quarter. Citigroup Inc. now owns 64,788 shares of the oil and gas producer’s stock worth $2,898,000 after acquiring an additional 7,572 shares during the last quarter. Acadian Asset Management LLC bought a new stake in California Resources in the 1st quarter worth about $305,000. MetLife Investment Management LLC grew its holdings in shares of California Resources by 53.7% in the first quarter. MetLife Investment Management LLC now owns 44,629 shares of the oil and gas producer’s stock valued at $1,996,000 after acquiring an additional 15,587 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in California Resources by 32.7% during the first quarter. Dimensional Fund Advisors LP now owns 803,434 shares of the oil and gas producer’s stock worth $35,945,000 after acquiring an additional 197,887 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Price Performance

Shares of NYSE CRC opened at $55.69 on Wednesday. The stock has a market cap of $3.84 billion, a PE ratio of 4.59 and a beta of 1.18. California Resources Co. has a fifty-two week low of $34.02 and a fifty-two week high of $56.71. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.37 and a current ratio of 1.49. The stock has a fifty day moving average of $50.15 and a 200-day moving average of $43.53.

California Resources (NYSE:CRC – Get Free Report) last announced its quarterly earnings results on Monday, July 31st. The oil and gas producer reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.33). California Resources had a net margin of 26.50% and a return on equity of 21.97%. The company had revenue of $591.00 million during the quarter, compared to analysts’ expectations of $535.59 million. During the same quarter last year, the firm posted $1.13 earnings per share. California Resources’s revenue for the quarter was down 20.9% compared to the same quarter last year. Equities research analysts anticipate that California Resources Co. will post 4.94 earnings per share for the current year.

California Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be given a dividend of $0.2825 per share. This represents a $1.13 annualized dividend and a yield of 2.03%. This is a boost from California Resources’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Thursday, August 31st. California Resources’s payout ratio is presently 9.32%.

Analyst Ratings Changes

A number of analysts recently commented on the company. StockNews.com assumed coverage on California Resources in a report on Thursday, August 17th. They set a “hold” rating on the stock. Mizuho boosted their target price on California Resources from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, August 16th. Citigroup boosted their target price on California Resources from $56.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, August 14th. Stifel Nicolaus boosted their target price on California Resources from $60.00 to $68.00 and gave the company a “buy” rating in a research note on Monday, August 21st. Finally, Bank of America boosted their target price on California Resources from $59.00 to $63.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.40.

Check Out Our Latest Stock Analysis on CRC

About California Resources

(Free Report)

California Resources Corporation operates as an independent oil and natural gas exploration and production 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.

Institutional Ownership by Quarter for California Resources (NYSE:CRC)

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