California Resources Corporation $CRC Stock Holdings Boosted by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its position in shares of California Resources Corporation (NYSE:CRC) by 11.6% during the 3rd quarter, Holdings Channel reports. The firm owned 253,699 shares of the oil and gas producer’s stock after purchasing an additional 26,358 shares during the period. JPMorgan Chase & Co.’s holdings in California Resources were worth $13,492,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CRC. Dimensional Fund Advisors LP lifted its holdings in shares of California Resources by 15.4% in the third quarter. Dimensional Fund Advisors LP now owns 3,549,636 shares of the oil and gas producer’s stock valued at $188,776,000 after buying an additional 474,521 shares during the period. American Century Companies Inc. grew its holdings in California Resources by 5.6% during the third quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer’s stock worth $159,882,000 after acquiring an additional 159,708 shares during the period. Sourcerock Group LLC raised its position in California Resources by 63.8% in the second quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after acquiring an additional 779,280 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC raised its position in California Resources by 6.1% in the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,289,479 shares of the oil and gas producer’s stock worth $58,891,000 after acquiring an additional 73,885 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in California Resources by 0.7% in the 3rd quarter. Invesco Ltd. now owns 1,069,589 shares of the oil and gas producer’s stock valued at $56,881,000 after acquiring an additional 7,036 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Citigroup raised their price objective on shares of California Resources from $51.00 to $67.00 and gave the company a “neutral” rating in a research report on Wednesday, March 18th. UBS Group boosted their target price on shares of California Resources from $63.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. TD Cowen upgraded shares of California Resources to a “strong-buy” rating in a report on Monday, February 9th. Royal Bank Of Canada set a $70.00 price target on shares of California Resources in a research report on Monday, January 5th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $69.80.

California Resources Trading Up 1.4%

NYSE:CRC opened at $68.88 on Friday. The stock has a fifty day simple moving average of $58.19 and a 200 day simple moving average of $51.87. The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of 16.88 and a beta of 1.12. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $69.31. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 0.35.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.02). California Resources had a return on equity of 10.23% and a net margin of 9.89%.The company had revenue of $924.00 million for the quarter, compared to analyst estimates of $789.67 million. During the same quarter in the previous year, the firm posted $0.91 EPS. California Resources’s quarterly revenue was up 5.4% on a year-over-year basis. Sell-side analysts forecast that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 13th were given a $0.405 dividend. This represents a $1.62 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, March 13th. California Resources’s dividend payout ratio (DPR) is 39.71%.

Insider Activity

In related news, Director Mark Allen Mcfarland sold 16,372 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $64.83, for a total value of $1,061,396.76. Following the completion of the transaction, the director owned 76,265 shares of the company’s stock, valued at approximately $4,944,259.95. This trade represents a 17.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Christopher D. Gould sold 24,347 shares of California Resources stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $62.21, for a total transaction of $1,514,626.87. Following the transaction, the executive vice president owned 131,537 shares in the company, valued at approximately $8,182,916.77. The trade was a 15.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 72,283 shares of company stock worth $4,636,646 over the last three months. 0.03% of the stock is owned by insiders.

California Resources 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.