Allspring Global Investments Holdings LLC Acquires 47,914 Shares of California Resources Corporation $CRC

Allspring Global Investments Holdings LLC raised its stake in shares of California Resources Corporation (NYSE:CRC) by 20.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 282,711 shares of the oil and gas producer’s stock after purchasing an additional 47,914 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.32% of California Resources worth $18,667,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Federated Hermes Inc. lifted its position in shares of California Resources by 4.3% during the 4th quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer’s stock worth $209,000 after buying an additional 195 shares during the period. Quadrant Capital Group LLC grew its position in California Resources by 14.6% in the fourth quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer’s stock valued at $75,000 after acquiring an additional 214 shares during the period. iA Global Asset Management Inc. grew its position in California Resources by 4.4% in the fourth quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock valued at $243,000 after acquiring an additional 230 shares during the period. Smartleaf Asset Management LLC raised its stake in California Resources by 26.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,715 shares of the oil and gas producer’s stock worth $77,000 after acquiring an additional 362 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of California Resources by 27.8% during the fourth quarter. GAMMA Investing LLC now owns 1,698 shares of the oil and gas producer’s stock valued at $76,000 after acquiring an additional 369 shares during the period. 97.79% of the stock is currently owned by institutional investors.

Insider Transactions at California Resources

In related news, EVP Jay A. Bys sold 11,907 shares of California Resources stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president directly owned 159,424 shares in the company, valued at $8,608,896. This trade represents a 6.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by corporate insiders.

California Resources Stock Performance

California Resources stock opened at $53.28 on Wednesday. The stock has a 50-day simple moving average of $56.55 and a 200 day simple moving average of $58.10. The stock has a market capitalization of $4.73 billion, a price-to-earnings ratio of -10.25 and a beta of 0.92. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. California Resources Corporation has a 12-month low of $43.24 and a 12-month high of $71.98.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.88. The business had revenue of $119.00 million during the quarter, compared to analyst estimates of $947.50 million. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. California Resources’s revenue for the quarter was down 87.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.07 earnings per share. On average, research analysts anticipate that California Resources Corporation will post 4.02 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, May 29th were issued a $0.405 dividend. The ex-dividend date was Friday, May 29th. This represents a $1.62 annualized dividend and a yield of 3.0%. California Resources’s dividend payout ratio (DPR) is currently -31.15%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Wall Street Zen downgraded shares of California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Stephens set a $85.00 target price on shares of California Resources and gave the stock an “overweight” rating in a research report on Friday. UBS Group reissued a “buy” rating and set a $70.00 price target (down from $78.00) on shares of California Resources in a report on Monday, July 13th. Barclays boosted their price target on shares of California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Finally, Mizuho upped their price objective on shares of California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, California Resources has a consensus rating of “Moderate Buy” and a consensus target price of $73.09.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.