Allspring Global Investments Holdings LLC Decreases Stake in California Resources Corporation $CRC

Allspring Global Investments Holdings LLC reduced its position in California Resources Corporation (NYSE:CRC) by 5.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,678 shares of the oil and gas producer’s stock after selling 533 shares during the period. Allspring Global Investments Holdings LLC’s holdings in California Resources were worth $446,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its position in California Resources by 10.7% in the 1st quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer’s stock valued at $113,274,000 after buying an additional 248,448 shares during the last quarter. Orbis Allan Gray Ltd lifted its position in shares of California Resources by 3.0% during the first quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer’s stock worth $52,713,000 after purchasing an additional 34,593 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of California Resources by 4.4% during the first quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer’s stock worth $46,780,000 after purchasing an additional 44,938 shares during the last quarter. Private Management Group Inc. lifted its position in shares of California Resources by 11.5% during the first quarter. Private Management Group Inc. now owns 888,903 shares of the oil and gas producer’s stock worth $39,085,000 after purchasing an additional 91,737 shares during the last quarter. Finally, DAVENPORT & Co LLC lifted its position in shares of California Resources by 1.6% during the second quarter. DAVENPORT & Co LLC now owns 800,601 shares of the oil and gas producer’s stock worth $36,563,000 after purchasing an additional 12,315 shares during the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRC has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a research report on Friday. Mizuho set a $71.00 price target on shares of California Resources in a research report on Monday, September 15th. Citigroup boosted their target price on shares of California Resources from $44.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. Roth Capital set a $63.00 target price on shares of California Resources in a research note on Monday, September 15th. Finally, JPMorgan Chase & Co. boosted their target price on shares of California Resources from $64.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, California Resources has a consensus rating of “Moderate Buy” and an average price target of $66.27.

California Resources Stock Performance

Shares of NYSE CRC opened at $47.61 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26. The firm’s 50-day moving average price is $51.24 and its two-hundred day moving average price is $46.15. California Resources Corporation has a 52-week low of $30.97 and a 52-week high of $60.41. The stock has a market capitalization of $3.98 billion, a P/E ratio of 6.50 and a beta of 1.16.

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

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th were paid a $0.3875 dividend. The ex-dividend date was Wednesday, August 27th. This represents a $1.55 annualized dividend and a dividend yield of 3.3%. California Resources’s dividend payout ratio (DPR) is presently 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.