California Resources Corporation (NYSE:CRC) Shares Purchased by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH significantly increased its stake in California Resources Corporation by 78.7%, acquiring a total of 30,660 shares valued at approximately $1.35 million.
• California Resources reported a 100.9% year-over-year increase in revenue for the latest quarter, achieving $912 million and an earnings per share of $1.07, surpassing analysts' expectations.
• The company recently declared a quarterly dividend of $0.3875, representing a 3.3% dividend yield, and maintains a payout ratio of 28.13%.

Allianz Asset Management GmbH lifted its stake in California Resources Corporation (NYSE:CRC - Free Report) by 78.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,660 shares of the oil and gas producer's stock after purchasing an additional 13,500 shares during the period. Allianz Asset Management GmbH's holdings in California Resources were worth $1,348,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CRC. Principal Financial Group Inc. increased its position in California Resources by 2.1% during the first quarter. Principal Financial Group Inc. now owns 384,200 shares of the oil and gas producer's stock worth $16,893,000 after buying an additional 8,047 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of California Resources by 50.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,211 shares of the oil and gas producer's stock valued at $463,000 after acquiring an additional 3,436 shares during the period. New York State Teachers Retirement System increased its holdings in shares of California Resources by 1.4% in the 1st quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer's stock valued at $967,000 after acquiring an additional 300 shares during the period. KBC Group NV increased its holdings in shares of California Resources by 41.3% in the 1st quarter. KBC Group NV now owns 3,569 shares of the oil and gas producer's stock valued at $157,000 after acquiring an additional 1,043 shares during the period. Finally, Crossmark Global Holdings Inc. increased its holdings in shares of California Resources by 17.4% in the 1st quarter. Crossmark Global Holdings Inc. now owns 4,823 shares of the oil and gas producer's stock valued at $212,000 after acquiring an additional 716 shares during the period. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Price Performance

Shares of CRC stock traded down $1.35 during midday trading on Friday, reaching $46.83. 778,834 shares of the company traded hands, compared to its average volume of 878,803. The firm's 50 day simple moving average is $46.62 and its two-hundred day simple moving average is $44.20. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $60.41. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.83 and a quick ratio of 0.74. The firm has a market cap of $4.18 billion, a PE ratio of 8.50 and a beta of 1.16.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.24. The company had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The company's revenue for the quarter was up 100.9% on a year-over-year basis. During the same period last year, the firm earned $0.75 EPS. On average, equities research analysts expect that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were given a $0.3875 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.55 annualized dividend and a dividend yield of 3.3%. California Resources's dividend payout ratio is currently 28.13%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRC. Truist Financial raised shares of California Resources to a "strong-buy" rating in a report on Tuesday, May 6th. UBS Group upped their target price on shares of California Resources from $51.00 to $58.00 and gave the company a "buy" rating in a report on Monday, July 14th. Royal Bank Of Canada reduced their target price on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a report on Friday, April 11th. Bank of America reduced their target price on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Finally, Citigroup upped their target price on shares of California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $62.27.

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.