California Resources Co. (NYSE:CRC) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its stake in shares of California Resources Co. (NYSE:CRC) by 638.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 89,784 shares of the oil and gas producer’s stock after purchasing an additional 77,628 shares during the period. Allspring Global Investments Holdings LLC’s holdings in California Resources were worth $4,909,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC boosted its stake in shares of California Resources by 1.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 14,395 shares of the oil and gas producer’s stock worth $787,000 after acquiring an additional 205 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of California Resources by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 44,054 shares of the oil and gas producer’s stock worth $2,467,000 after acquiring an additional 242 shares in the last quarter. Assetmark Inc. boosted its stake in shares of California Resources by 16.3% during the 3rd quarter. Assetmark Inc. now owns 2,525 shares of the oil and gas producer’s stock worth $141,000 after acquiring an additional 353 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of California Resources by 7.4% during the 1st quarter. Franklin Resources Inc. now owns 6,471 shares of the oil and gas producer’s stock worth $249,000 after acquiring an additional 444 shares in the last quarter. Finally, Captrust Financial Advisors boosted its stake in shares of 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 worth $56,000 after acquiring an additional 594 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on CRC. Barclays began coverage on shares of California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price target on the stock. Bank of America lowered shares of California Resources from a “buy” rating to a “neutral” rating and decreased their price target for the company from $64.00 to $60.00 in a research note on Friday, January 5th. 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 price target on shares of California Resources in a research note on Wednesday, March 6th. Finally, Mizuho decreased their price target on shares of California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $63.43.

California Resources Trading Up 1.4 %

CRC opened at $54.43 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.39. The company’s 50 day simple moving average is $53.92 and its two-hundred day simple moving average is $52.69. California Resources Co. has a 1-year low of $37.21 and a 1-year high of $58.44. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of 7.05 and a beta of 1.02.

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

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were issued a dividend of $0.31 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.28%. California Resources’s dividend payout ratio is currently 16.06%.

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.