Bank of New York Mellon Corp Has $31.47 Million Stock Position in California Resources Corporation (NYSE:CRC)

Bank of New York Mellon Corp cut its stake in shares of California Resources Corporation (NYSE:CRC) by 3.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 715,638 shares of the oil and gas producer’s stock after selling 23,419 shares during the period. Bank of New York Mellon Corp owned approximately 0.79% of California Resources worth $31,467,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in California Resources by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer’s stock worth $484,953,000 after acquiring an additional 225,620 shares in the last quarter. First Trust Advisors LP raised its holdings in California Resources by 14.2% during the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock worth $353,800,000 after acquiring an additional 845,694 shares in the last quarter. American Century Companies Inc. raised its holdings in California Resources by 14.2% during the fourth quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer’s stock worth $120,785,000 after acquiring an additional 290,263 shares in the last quarter. Geode Capital Management LLC raised its holdings in California Resources by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer’s stock worth $83,344,000 after acquiring an additional 13,116 shares in the last quarter. Finally, Sourcerock Group LLC raised its holdings in California Resources by 6.5% during the fourth quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer’s stock worth $56,298,000 after acquiring an additional 65,981 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CRC shares. Royal Bank Of Canada reduced their price target on California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, April 11th. UBS Group set a $58.00 price target on California Resources and gave the stock a “buy” rating in a research report on Monday. Truist Financial upgraded California Resources to a “strong-buy” rating in a research note on Tuesday, May 6th. Mizuho upped their target price on California Resources from $60.00 to $61.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Citigroup upped their target price on California Resources from $36.00 to $44.00 and gave the stock a “neutral” rating in a research note on Monday, May 19th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $62.00.

California Resources Price Performance

Shares of NYSE CRC opened at $47.07 on Wednesday. The stock has a fifty day simple moving average of $44.84 and a two-hundred day simple moving average of $44.45. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $60.41. The firm has a market cap of $4.20 billion, a price-to-earnings ratio of 8.54 and a beta of 1.16. The company has a current ratio of 0.83, a quick ratio of 0.74 and a debt-to-equity ratio of 0.25.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.24. The company had revenue of $912.00 million during the quarter, compared to analyst estimates of $862.14 million. California Resources had a return on equity of 11.45% and a net margin of 13.70%. The firm’s quarterly revenue was up 100.9% on a year-over-year basis. During the same quarter last year, the company earned $0.75 earnings per share. Analysts anticipate that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were issued a $0.3875 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.55 annualized dividend and a dividend yield of 3.29%. California Resources’s dividend payout ratio is currently 28.13%.

California Resources 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.