Federated Hermes Inc. Grows Position in California Resources Co. (NYSE:CRC)

Federated Hermes Inc. raised its position in California Resources Co. (NYSE:CRC) by 1.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 224,799 shares of the oil and gas producer’s stock after acquiring an additional 2,148 shares during the quarter. Federated Hermes Inc. owned approximately 0.33% of California Resources worth $12,292,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. LSV Asset Management lifted its holdings in California Resources by 102.0% in the third quarter. LSV Asset Management now owns 2,943,220 shares of the oil and gas producer’s stock valued at $164,850,000 after acquiring an additional 1,485,970 shares during the period. Pacer Advisors Inc. lifted its holdings in California Resources by 71.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,965,476 shares of the oil and gas producer’s stock valued at $107,472,000 after acquiring an additional 821,827 shares during the period. American Century Companies Inc. lifted its holdings in California Resources by 13.2% in the third quarter. American Century Companies Inc. now owns 925,185 shares of the oil and gas producer’s stock valued at $51,820,000 after acquiring an additional 108,123 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in California Resources by 6.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 798,909 shares of the oil and gas producer’s stock valued at $44,747,000 after acquiring an additional 51,683 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in California Resources by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 763,904 shares of the oil and gas producer’s stock valued at $42,786,000 after acquiring an additional 58,559 shares during the period. Institutional investors own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CRC shares. Bank of America downgraded California Resources from a “buy” rating to a “neutral” rating and lowered their target price for the company from $64.00 to $60.00 in a report on Friday, January 5th. Mizuho decreased their price objective on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Barclays initiated coverage on California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price objective on the stock. Stifel Nicolaus raised their price objective on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of California Resources in a research note on Wednesday, March 6th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.57.

California Resources Stock Up 1.5 %

Shares of CRC opened at $55.76 on Wednesday. The business’s 50 day moving average is $54.02 and its 200 day moving average is $52.71. The company has a market capitalization of $3.83 billion, a PE ratio of 7.22 and a beta of 1.02. California Resources Co. has a 12-month low of $37.21 and a 12-month high of $58.44. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.24.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.08). The business had revenue of $726.00 million for the quarter, compared to the consensus estimate of $553.47 million. California Resources had a net margin of 20.14% and a return on equity of 17.57%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period last year, the business posted $1.24 EPS. Research analysts expect that California Resources Co. will post 5.99 earnings per share for the current fiscal year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend was Tuesday, March 5th. California Resources’s dividend payout ratio (DPR) is presently 16.06%.

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.