Bank of New York Mellon Corp Cuts Stock Position in California Resources Corporation (NYSE:CRC)

Bank of New York Mellon Corp lowered its stake in California Resources Corporation (NYSE:CRC) by 3.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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’s holdings in California Resources were worth $31,467,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CRC. Harbor Capital Advisors Inc. lifted its position in California Resources by 68.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock valued at $34,000 after acquiring an additional 316 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in shares of California Resources by 52,366.7% during the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer’s stock valued at $81,000 after buying an additional 1,571 shares during the period. Sterling Capital Management LLC lifted its holdings in shares of California Resources by 833.2% during the 4th quarter. Sterling Capital Management LLC now owns 2,221 shares of the oil and gas producer’s stock valued at $115,000 after buying an additional 1,983 shares during the period. State of Wyoming bought a new position in shares of California Resources during the 4th quarter valued at $131,000. Finally, Whittier Trust Co. bought a new position in shares of California Resources during the 4th quarter valued at $156,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CRC. Citigroup upped their price objective on California Resources from $36.00 to $44.00 and gave the stock a “neutral” rating in a research note on Monday, May 19th. Barclays upgraded California Resources from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $50.00 to $60.00 in a research note on Friday, May 30th. Truist Financial upgraded California Resources to a “strong-buy” rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. upgraded California Resources from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $60.00 to $63.00 in a research note on Tuesday. Finally, Wall Street Zen lowered California Resources from a “buy” rating to a “hold” rating in a research note on Sunday, June 29th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, California Resources presently has a consensus rating of “Buy” and an average price target of $62.00.

California Resources Price Performance

NYSE CRC opened at $47.07 on Wednesday. The firm’s fifty day simple moving average is $44.84 and its two-hundred day simple moving average is $44.45. 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 Corporation has a 12-month low of $30.97 and a 12-month high of $60.41. The firm has a market capitalization of $4.20 billion, a P/E ratio of 8.54 and a beta of 1.16.

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

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were given a $0.3875 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.29%. California Resources’s dividend payout ratio (DPR) is currently 28.13%.

About California Resources

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.