1,195,482 Shares in California Resources Corporation $CRC Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 1.20 million shares of California Resources in the second quarter, worth approximately $63.2 million and representing a 1.35% stake. Institutional investors collectively own 97.79% of CRC.
• California Resources reported quarterly revenue of $1.30 billion, up 33% year over year, but earnings of $0.99 per share fell short of the $1.36 consensus estimate.
• The company declared a quarterly dividend of $0.405 per share, equivalent to a $1.62 annualized payout and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $72.27, versus a recent share price near $52.51.

Bank of New York Mellon Corp acquired a new stake in California Resources Corporation (NYSE:CRC - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,195,482 shares of the oil and gas producer's stock, valued at approximately $63,205,000. Bank of New York Mellon Corp owned about 1.35% of California Resources as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of CRC. Farther Finance Advisors LLC lifted its stake in shares of California Resources by 56.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 2,086 shares of the oil and gas producer's stock valued at $110,000 after purchasing an additional 755 shares during the period. Burns Matteson Capital Management LLC bought a new position in California Resources during the second quarter worth about $421,000. Wealth Enhancement Advisory Services LLC grew its position in shares of California Resources by 2.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 17,706 shares of the oil and gas producer's stock worth $929,000 after buying an additional 413 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of California Resources in the 2nd quarter valued at about $4,022,000. Finally, Wedge Capital Management L L P NC raised its position in shares of California Resources by 0.8% in the 2nd quarter. Wedge Capital Management L L P NC now owns 212,297 shares of the oil and gas producer's stock valued at $11,224,000 after acquiring an additional 1,645 shares during the period. Institutional investors and hedge funds own 97.79% of the company's stock.

Insider Buying and Selling

In related news, EVP Jay A. Bys sold 11,907 shares of the firm's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the transaction, the executive vice president owned 147,517 shares of the company's stock, valued at approximately $7,965,918. This trade represents a 7.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 35,721 shares of company stock worth $2,020,380 in the last ninety days. Corporate insiders own 0.53% of the company's stock.

California Resources Stock Performance

CRC opened at $52.51 on Thursday. The company has a market capitalization of $4.66 billion, a price-to-earnings ratio of -38.61 and a beta of 0.93. The business's 50-day moving average price is $52.69 and its two-hundred day moving average price is $58.78. 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 0.38, a current ratio of 0.66 and a quick ratio of 0.56.

California Resources (NYSE:CRC - Get Free Report) last released its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.37). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $960.20 million. During the same quarter in the previous year, the firm posted $1.10 EPS. The company's revenue was up 33.0% on a year-over-year basis. Equities analysts expect that California Resources Corporation will post 3.63 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, September 4th. California Resources's payout ratio is currently -119.12%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRC. Citigroup decreased their price objective on shares of California Resources from $78.00 to $70.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Stephens set a $85.00 price objective on shares of California Resources and gave the company an "overweight" rating in a research report on Friday, July 17th. Mizuho boosted their target price on California Resources from $86.00 to $87.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Barclays set a $74.00 price target on California Resources and gave the stock an "overweight" rating in a research report on Monday, August 17th. Finally, UBS Group cut their price objective on California Resources from $70.00 to $67.00 and set a "buy" rating on the stock in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $72.27.

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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