Allspring Global Investments Holdings LLC Sells 11,917 Shares of California Resources Co. (NYSE:CRC)

Allspring Global Investments Holdings LLC trimmed its position in California Resources Co. (NYSE:CRC) by 48.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,549 shares of the oil and gas producer’s stock after selling 11,917 shares during the period. Allspring Global Investments Holdings LLC’s holdings in California Resources were worth $568,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in California Resources by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 7,489,832 shares of the oil and gas producer’s stock valued at $335,020,000 after purchasing an additional 80,779 shares during the period. State Street Corp boosted its holdings in California Resources by 6.6% in the 2nd quarter. State Street Corp now owns 3,515,856 shares of the oil and gas producer’s stock valued at $135,360,000 after purchasing an additional 217,606 shares during the period. Kimmeridge Energy Management Company LLC boosted its holdings in California Resources by 0.3% in the 1st quarter. Kimmeridge Energy Management Company LLC now owns 3,498,554 shares of the oil and gas producer’s stock valued at $134,694,000 after purchasing an additional 10,938 shares during the period. Southpoint Capital Advisors LP boosted its holdings in California Resources by 20.0% in the 1st quarter. Southpoint Capital Advisors LP now owns 3,000,000 shares of the oil and gas producer’s stock valued at $115,500,000 after purchasing an additional 500,000 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in California Resources by 54.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,237,981 shares of the oil and gas producer’s stock valued at $86,161,000 after purchasing an additional 791,762 shares during the period. 97.79% of the stock is owned by institutional investors.

California Resources Price Performance

Shares of NYSE:CRC opened at $50.68 on Friday. The stock has a market cap of $3.48 billion, a PE ratio of 8.13 and a beta of 1.16. The company’s fifty day moving average is $54.70 and its 200 day moving average is $48.90. California Resources Co. has a 52 week low of $34.02 and a 52 week high of $58.44. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 0.29.

California Resources (NYSE:CRC) last released its quarterly earnings data on Wednesday, November 1st. The oil and gas producer reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.23. California Resources had a net margin of 16.65% and a return on equity of 19.62%. The firm had revenue of $460.00 million for the quarter, compared to analysts’ expectations of $524.16 million. During the same quarter in the previous year, the company earned $1.45 earnings per share. The company’s revenue for the quarter was down 59.1% compared to the same quarter last year. Research analysts anticipate that California Resources Co. will post 5.07 earnings per share for the current year.

California Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a dividend of $0.31 per share. The ex-dividend date is Thursday, November 30th. This represents a $1.24 annualized dividend and a dividend yield of 2.45%. This is a boost from California Resources’s previous quarterly dividend of $0.17. California Resources’s payout ratio is currently 18.14%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CRC shares. Citigroup lifted their price objective on shares of California Resources from $56.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, August 14th. Roth Mkm reaffirmed a “buy” rating and set a $56.00 price objective on shares of California Resources in a report on Thursday, September 21st. Mizuho reaffirmed a “buy” rating and set a $70.00 price objective on shares of California Resources in a report on Monday, September 25th. Bank of America lifted their price objective on shares of California Resources from $63.00 to $64.00 in a report on Wednesday, September 27th. Finally, StockNews.com started coverage on shares of California Resources in a report on Thursday, October 5th. They set a “hold” rating for the company. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $64.67.

California Resources Company Profile

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.