California Resources Corporation $CRC Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in California Resources Corporation (NYSE:CRC) by 1.2% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,200,610 shares of the oil and gas producer’s stock after selling 14,082 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.35% of California Resources worth $83,106,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Rockefeller Capital Management L.P. lifted its position in shares of California Resources by 363.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 440 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in California Resources during the 4th quarter worth about $26,000. Pinnacle Holdings LLC purchased a new stake in California Resources during the 4th quarter worth about $27,000. Valued Wealth Advisors LLC purchased a new stake in California Resources during the 1st quarter worth about $29,000. Finally, Allworth Financial LP raised its stake in California Resources by 328.6% in the 3rd quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer’s stock valued at $41,000 after purchasing an additional 598 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on CRC. UBS Group restated a “buy” rating and issued a $70.00 target price (down from $78.00) on shares of California Resources in a report on Monday, July 13th. Mizuho lifted their price target on shares of California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Stephens set a $85.00 price objective on shares of California Resources and gave the company an “overweight” rating in a research report on Friday. Citigroup reduced their price objective on shares of California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Finally, Wall Street Zen lowered shares of California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, California Resources presently has an average rating of “Moderate Buy” and a consensus price target of $73.09.

California Resources Stock Up 2.0%

Shares of NYSE:CRC opened at $53.28 on Wednesday. The stock’s 50-day moving average price is $56.55 and its two-hundred day moving average price is $58.10. The company has a current ratio of 0.55, a quick ratio of 0.47 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. The firm has a market cap of $4.73 billion, a price-to-earnings ratio of -10.25 and a beta of 0.92.

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

California Resources Dividend Announcement

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

Insider Buying and Selling at California Resources

In other news, EVP Jay A. Bys sold 11,907 shares of the business’s stock in a transaction on Monday, July 13th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the sale, the executive vice president directly owned 159,424 shares of the company’s stock, valued at $8,608,896. The trade was a 6.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by company insiders.

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.