California Resources Co. (NYSE:CRC) Shares Purchased by Federated Hermes Inc.

Federated Hermes Inc. increased its stake in shares of California Resources Co. (NYSE:CRC) by 1.0% during the 4th quarter, Holdings Channel reports. The fund owned 224,799 shares of the oil and gas producer’s stock after purchasing an additional 2,148 shares during the quarter. Federated Hermes Inc.’s holdings in California Resources were worth $12,292,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. DAVENPORT & Co LLC grew its holdings in California Resources by 179.8% during the fourth quarter. DAVENPORT & Co LLC now owns 420,946 shares of the oil and gas producer’s stock worth $23,127,000 after acquiring an additional 270,508 shares during the period. Cambria Investment Management L.P. boosted its position in California Resources by 8.5% during the third quarter. Cambria Investment Management L.P. now owns 167,856 shares of the oil and gas producer’s stock worth $9,402,000 after purchasing an additional 13,104 shares in the last quarter. Wellington Management Group LLP purchased a new position in California Resources during the third quarter worth approximately $1,824,000. Lazard Asset Management LLC boosted its position in California Resources by 38.1% during the third quarter. Lazard Asset Management LLC now owns 10,616 shares of the oil and gas producer’s stock worth $594,000 after purchasing an additional 2,931 shares in the last quarter. Finally, Xponance Inc. purchased a new position in California Resources during the third quarter worth approximately $241,000. 97.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRC has been the topic of a number of recent analyst reports. Mizuho lowered their price target on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 price target on shares of California Resources in a research report on Wednesday, March 6th. Stifel Nicolaus increased their price target on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research report on Tuesday. Bank of America downgraded California Resources from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $64.00 to $60.00 in a research report on Friday, January 5th. Finally, Barclays began coverage on California Resources in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, California Resources has an average rating of “Moderate Buy” and an average price target of $63.57.

California Resources Stock Performance

NYSE CRC opened at $55.76 on Wednesday. The company has a market cap of $3.83 billion, a PE ratio of 7.22 and a beta of 1.02. The stock’s 50 day simple moving average is $54.02 and its 200-day simple moving average is $52.71. California Resources Co. has a 1-year low of $37.21 and a 1-year high of $58.44. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.39.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). California Resources had a return on equity of 17.57% and a net margin of 20.14%. The company had revenue of $726.00 million for the quarter, compared to analysts’ expectations of $553.47 million. During the same quarter in the previous year, the business posted $1.24 EPS. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. As a group, equities research analysts anticipate that California Resources Co. will post 5.99 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were given 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 yield of 2.22%. California Resources’s payout ratio is 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.