Allianz Asset Management GmbH Lowers Stock Holdings in California Resources Co. (NYSE:CRC)

Allianz Asset Management GmbH trimmed its position in shares of California Resources Co. (NYSE:CRCFree Report) by 58.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,081 shares of the oil and gas producer’s stock after selling 41,016 shares during the quarter. Allianz Asset Management GmbH’s holdings in California Resources were worth $1,590,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Headlands Technologies LLC purchased a new position in California Resources during the 3rd quarter valued at about $45,000. Quadrant Capital Group LLC boosted its stake in shares of California Resources by 92.4% in the 4th quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock valued at $82,000 after buying an additional 722 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of California Resources by 56.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,397 shares of the oil and gas producer’s stock valued at $134,000 after buying an additional 865 shares during the period. iA Global Asset Management Inc. purchased a new position in shares of California Resources in the 3rd quarter valued at about $211,000. Finally, Profund Advisors LLC purchased a new position in shares of California Resources in the 3rd quarter valued at about $213,000. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CRC shares. Barclays assumed coverage on California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price objective for the company. Stifel Nicolaus boosted their target price on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Royal Bank of Canada restated an “outperform” rating and set a $70.00 target price on shares of California Resources in a research note on Wednesday, March 6th. Finally, Mizuho boosted their target price on California Resources from $63.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $63.71.

Get Our Latest Stock Report on California Resources

California Resources Trading Up 0.7 %

CRC opened at $47.50 on Monday. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of 13.61, a price-to-earnings-growth ratio of 0.55 and a beta of 0.97. California Resources Co. has a 52 week low of $40.11 and a 52 week high of $58.44. The business’s 50 day moving average is $51.24 and its two-hundred day moving average is $51.92. The company has a quick ratio of 1.29, a current ratio of 1.41 and a debt-to-equity ratio of 0.26.

California Resources (NYSE:CRCGet Free Report) last released its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.75 EPS for the quarter, topping the consensus estimate of $0.58 by $0.17. California Resources had a return on equity of 11.00% and a net margin of 11.34%. The business had revenue of $454.00 million during the quarter, compared to analysts’ expectations of $490.21 million. During the same quarter in the prior year, the business earned $2.63 earnings per share. The company’s quarterly revenue was down 55.7% compared to the same quarter last year. On average, research analysts predict that California Resources Co. will post 4.44 EPS for the current year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend is Friday, May 31st. California Resources’s payout ratio is 35.53%.

Insiders Place Their Bets

In other California Resources news, Director Mark Allen Mcfarland sold 37,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total value of $1,779,700.00. Following the completion of the transaction, the director now owns 104,939 shares in the company, valued at $5,047,565.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.03% of the stock is currently owned by company insiders.

California Resources 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.

See Also

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

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