First Trust Advisors LP lifted its holdings in California Resources Corporation (NYSE:CRC – Free Report) by 15.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 238,476 shares of the oil and gas producer’s stock after purchasing an additional 31,576 shares during the period. First Trust Advisors LP’s holdings in California Resources were worth $16,507,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors also recently bought and sold shares of CRC. PNC Financial Services Group Inc. grew its holdings in California Resources by 8.8% in the first quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer’s stock valued at $281,000 after purchasing an additional 327 shares during the period. Bessemer Group Inc. raised its stake in shares of California Resources by 1.4% during the 1st quarter. Bessemer Group Inc. now owns 86,412 shares of the oil and gas producer’s stock worth $5,982,000 after buying an additional 1,174 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of California Resources by 20.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 282,711 shares of the oil and gas producer’s stock worth $18,667,000 after buying an additional 47,914 shares during the period. Fifth Third Bancorp lifted its position in shares of California Resources by 12,134.0% during the 1st quarter. Fifth Third Bancorp now owns 70,957 shares of the oil and gas producer’s stock valued at $4,912,000 after buying an additional 70,377 shares in the last quarter. Finally, Valued Wealth Advisors LLC purchased a new position in shares of California Resources during the 1st quarter valued at approximately $29,000. Institutional investors and hedge funds own 97.79% of the company’s stock.
California Resources Stock Performance
NYSE CRC opened at $50.58 on Thursday. The company has a market cap of $4.49 billion, a PE ratio of -9.73 and a beta of 0.92. The stock’s 50 day simple moving average is $55.46 and its 200-day simple moving average is $58.37. California Resources Corporation has a 1-year low of $43.24 and a 1-year high of $71.98. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47.
California Resources Dividend Announcement
The firm also recently announced 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 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Friday, May 29th. California Resources’s payout ratio is -31.15%.
Analyst Ratings Changes
CRC has been the topic of a number of research analyst reports. UBS Group reissued a “buy” rating and issued a $70.00 price target (down from $78.00) on shares of California Resources in a research note on Monday, July 13th. Zacks Research cut shares of California Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. Weiss Ratings downgraded shares of California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 14th. Wall Street Zen lowered shares of California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Finally, Mizuho lifted their target price on shares of California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.09.
Check Out Our Latest Research Report on CRC
Insider Transactions at California Resources
In other news, EVP Jay A. Bys sold 11,907 shares of the company’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 owned 159,424 shares of the company’s stock, valued at $8,608,896. This represents a 6.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.
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