Allspring Global Investments Holdings LLC Boosts Stake in California Resources Co. (NYSE:CRC)

Allspring Global Investments Holdings LLC raised its holdings in shares of California Resources Co. (NYSE:CRC) by 638.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 89,784 shares of the oil and gas producer’s stock after buying an additional 77,628 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.13% of California Resources worth $4,909,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of California Resources by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 7,489,832 shares of the oil and gas producer’s stock worth $335,020,000 after purchasing an additional 80,779 shares in the last quarter. State Street Corp boosted its holdings in shares of California Resources by 6.6% in the 2nd quarter. State Street Corp now owns 3,515,856 shares of the oil and gas producer’s stock worth $135,360,000 after purchasing an additional 217,606 shares in the last quarter. LSV Asset Management boosted its holdings in shares of California Resources by 102.0% in the 3rd quarter. LSV Asset Management now owns 2,943,220 shares of the oil and gas producer’s stock worth $164,850,000 after purchasing an additional 1,485,970 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of California Resources by 54.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,237,981 shares of the oil and gas producer’s stock worth $86,161,000 after purchasing an additional 791,762 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in shares of California Resources by 71.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,965,476 shares of the oil and gas producer’s stock worth $107,472,000 after purchasing an additional 821,827 shares in the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CRC. Stifel Nicolaus cut their price objective on California Resources from $72.00 to $68.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Royal Bank of Canada restated an “outperform” rating and set a $70.00 target price on shares of California Resources in a report on Wednesday, March 6th. Bank of America cut California Resources from a “buy” rating to a “neutral” rating and dropped their target price for the company from $64.00 to $60.00 in a report on Friday, January 5th. Mizuho dropped their target price on California Resources from $69.00 to $63.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Finally, Barclays started coverage on California Resources in a report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 target price for the company. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, California Resources presently has an average rating of “Moderate Buy” and a consensus target price of $63.43.

California Resources Trading Up 1.4 %

NYSE CRC opened at $54.43 on Friday. California Resources Co. has a fifty-two week low of $37.21 and a fifty-two week high of $58.44. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51. The stock has a 50 day simple moving average of $53.92 and a two-hundred day simple moving average of $52.69. The stock has a market cap of $3.74 billion, a P/E ratio of 7.05 and a beta of 1.02.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.08). California Resources had a return on equity of 17.57% and a net margin of 20.14%. The business had revenue of $726.00 million during the quarter, compared to analysts’ expectations of $553.47 million. During the same quarter last year, the business posted $1.24 EPS. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, analysts forecast that California Resources Co. will post 4.57 earnings per share for the current year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Tuesday, March 5th. California Resources’s payout ratio is presently 16.06%.

California Resources Company 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.