Wellington Management Group LLP Acquires Shares of 32,568 California Resources Co. (NYSE:CRC)

Wellington Management Group LLP bought a new stake in California Resources Co. (NYSE:CRCFree Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 32,568 shares of the oil and gas producer’s stock, valued at approximately $1,824,000.

Other institutional investors have also recently made changes to their positions in the company. Nomura Asset Management Co. Ltd. bought a new stake in California Resources in the first quarter worth about $25,000. Sunbelt Securities Inc. purchased a new stake in shares of California Resources in the first quarter worth approximately $29,000. Headlands Technologies LLC bought a new stake in shares of California Resources during the 3rd quarter worth approximately $45,000. Captrust Financial Advisors boosted its holdings in California Resources by 69.1% during the 2nd quarter. Captrust Financial Advisors now owns 1,454 shares of the oil and gas producer’s stock valued at $56,000 after acquiring an additional 594 shares during the period. Finally, Amundi purchased a new position in California Resources during the 4th quarter valued at $67,000. Institutional investors own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

CRC has been the topic of several research analyst reports. Mizuho dropped their price target on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $70.00 target price on shares of California Resources in a research note on Wednesday, March 6th. Bank of America cut shares of California Resources from a “buy” rating to a “neutral” rating and cut their price objective for the company from $64.00 to $60.00 in a report on Friday, January 5th. Finally, Stifel Nicolaus lowered their target price 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. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.67.

Get Our Latest Stock Analysis on CRC

California Resources Stock Up 3.1 %

CRC opened at $54.93 on Thursday. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24. California Resources Co. has a twelve month low of $37.21 and a twelve month high of $58.44. The company has a market cap of $3.78 billion, a PE ratio of 7.12 and a beta of 1.02. The company has a 50-day moving average price of $52.28 and a 200 day moving average price of $52.87.

California Resources (NYSE:CRCGet Free Report) last released its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.08). California Resources had a net margin of 20.14% and a return on equity of 17.57%. The firm had revenue of $726.00 million during the quarter, compared to analysts’ expectations of $553.47 million. During the same quarter last year, the business earned $1.24 EPS. The business’s revenue was up 6.5% compared to the same quarter last year. Sell-side analysts expect that California Resources Co. will post 4.57 earnings per share for the current fiscal year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend was Tuesday, March 5th. California Resources’s dividend payout ratio is currently 16.06%.

California Resources Company Profile

(Free Report)

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.

Further Reading

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

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