Bank of New York Mellon Corp Decreases Stake in California Resources Corporation $CRC

Bank of New York Mellon Corp lessened its holdings in shares of California Resources Corporation (NYSE:CRC) by 1.2% in 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’s holdings in California Resources were worth $83,106,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of CRC. AQR Capital Management LLC grew its stake in California Resources by 89.1% during the first quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock worth $2,046,000 after buying an additional 21,923 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of California Resources by 6.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock worth $1,832,000 after acquiring an additional 2,394 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of California Resources by 38.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock valued at $28,916,000 after acquiring an additional 181,833 shares during the period. Empowered Funds LLC raised its stake in shares of California Resources by 3.8% in the 1st quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock valued at $2,233,000 after acquiring an additional 1,857 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in shares of California Resources by 17.7% during the 1st quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock valued at $1,401,000 after acquiring an additional 4,783 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Price Performance

CRC stock opened at $53.28 on Wednesday. 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 52-week low of $43.24 and a 52-week high of $71.98. The stock’s 50 day moving average is $56.55 and its two-hundred day moving average is $58.10. The company has a market capitalization of $4.73 billion, a PE ratio of -10.25 and a beta of 0.92.

California Resources (NYSE:CRC) last released its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, meeting the consensus estimate of $0.88. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The company had revenue of $119.00 million during the quarter, compared to analysts’ expectations of $947.50 million. During the same period in the prior year, the business posted $1.07 EPS. The business’s revenue was down 87.0% on a year-over-year basis. Analysts predict that California Resources Corporation will post 4.02 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently disclosed 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. This represents a $1.62 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Friday, May 29th. California Resources’s dividend payout ratio is -31.15%.

Insider Buying and Selling

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the firm’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 transaction, the executive vice president directly owned 159,424 shares of the company’s stock, valued at $8,608,896. This trade represents a 6.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by company insiders.

Analysts Set New Price Targets

CRC has been the subject of a number of research reports. Wall Street Zen cut shares of California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Zacks Research lowered California Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. Stephens set a $85.00 price objective on California Resources and gave the stock an “overweight” rating in a research note on Friday. Mizuho upped their target price on California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Finally, Barclays upped their target price on California Resources from $72.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.09.

California Resources Company Profile

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.