California Resources Corporation $CRC Shares Bought by Swiss National Bank

Swiss National Bank lifted its holdings in shares of California Resources Corporation (NYSE:CRC) by 0.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,000 shares of the oil and gas producer’s stock after acquiring an additional 700 shares during the quarter. Swiss National Bank owned about 0.14% of California Resources worth $5,452,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in CRC. Principal Financial Group Inc. increased its stake in California Resources by 2.1% during the 1st quarter. Principal Financial Group Inc. now owns 384,200 shares of the oil and gas producer’s stock worth $16,893,000 after buying an additional 8,047 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of California Resources by 50.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,211 shares of the oil and gas producer’s stock worth $463,000 after purchasing an additional 3,436 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of California Resources by 1.4% in the 1st quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer’s stock worth $967,000 after purchasing an additional 300 shares during the last quarter. KBC Group NV increased its position in shares of California Resources by 41.3% in the 1st quarter. KBC Group NV now owns 3,569 shares of the oil and gas producer’s stock worth $157,000 after purchasing an additional 1,043 shares during the last quarter. Finally, Crossmark Global Holdings Inc. increased its position in shares of California Resources by 17.4% in the 1st quarter. Crossmark Global Holdings Inc. now owns 4,823 shares of the oil and gas producer’s stock worth $212,000 after purchasing an additional 716 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. UBS Group reaffirmed a “buy” rating and set a $61.00 price objective (up previously from $58.00) on shares of California Resources in a research report on Friday, August 8th. Roth Capital reaffirmed a “buy” rating on shares of California Resources in a research report on Saturday, July 19th. Wall Street Zen downgraded shares of California Resources from a “buy” rating to a “hold” rating in a research report on Sunday, June 29th. JPMorgan Chase & Co. raised shares of California Resources from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $60.00 to $63.00 in a research report on Tuesday, July 15th. Finally, Barclays raised shares of California Resources from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $50.00 to $60.00 in a research report on Friday, May 30th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, California Resources presently has an average rating of “Buy” and an average price target of $62.82.

California Resources Stock Up 0.1%

CRC stock opened at $48.26 on Tuesday. California Resources Corporation has a 52-week low of $30.97 and a 52-week high of $60.41. The company’s 50 day simple moving average is $47.54 and its 200-day simple moving average is $43.74. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.78 and a quick ratio of 0.68. The firm has a market capitalization of $4.04 billion, a P/E ratio of 6.59 and a beta of 1.16.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The business had revenue of $978.00 million for the quarter, compared to analyst estimates of $820.93 million. During the same quarter in the previous year, the business earned $0.60 earnings per share. The firm’s revenue was up 90.3% compared to the same quarter last year. As a group, equities research analysts anticipate that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Wednesday, August 27th will be issued a dividend of $0.3875 per share. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.2%. California Resources’s payout ratio is currently 21.17%.

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.