Allspring Global Investments Holdings LLC Purchases 225,210 Shares of California Resources Corporation $CRC

Key Points

• Allspring Global Investments boosted its stake in California Resources by 2,349.1% in Q4, adding 225,210 shares to hold 234,797 shares (about 0.28% of the company) worth approximately $10.89 million.
• Analysts have a consensus rating of Buy on CRC with an average price target of $70.50, and several recent upgrades and raised price targets (e.g., Citigroup to $74, Wells Fargo to $76, TD Cowen to strong-buy).
• CRC trades around $67.66 with a $6.0 billion market cap and a P/E of 16.6; the company reported Q earnings of $0.47 per share (miss) and revenue of $924 million (beat), and it pays a $0.405 quarterly dividend (2.4% yield).

Allspring Global Investments Holdings LLC boosted its position in California Resources Corporation (NYSE:CRC - Free Report) by 2,349.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 234,797 shares of the oil and gas producer's stock after acquiring an additional 225,210 shares during the period. Allspring Global Investments Holdings LLC owned 0.28% of California Resources worth $10,892,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CRC. Clearstead Advisors LLC raised its stake in California Resources by 82.5% in the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer's stock valued at $27,000 after purchasing an additional 226 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in shares of California Resources during the 3rd quarter worth $29,000. FNY Investment Advisers LLC purchased a new position in California Resources in the third quarter worth $36,000. Allworth Financial LP increased its stake in California Resources by 328.6% in the third quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer's stock valued at $41,000 after acquiring an additional 598 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in California Resources by 29.7% in the third quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer's stock valued at $51,000 after acquiring an additional 219 shares during the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Citigroup upped their price objective on shares of California Resources from $67.00 to $74.00 and gave the company a "neutral" rating in a research note on Monday, March 30th. Mizuho boosted their price target on shares of California Resources from $71.00 to $72.00 and gave the stock an "outperform" rating in a research note on Friday, December 12th. TD Cowen upgraded shares of California Resources to a "strong-buy" rating in a research report on Monday, February 9th. Wells Fargo & Company raised their price objective on California Resources from $72.00 to $76.00 and gave the company an "overweight" rating in a research note on Tuesday, March 17th. Finally, Pickering Energy Partners downgraded California Resources from an "outperform" rating to a "neutral" rating in a report on Friday, January 9th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $70.50.

California Resources Stock Down 0.1%

California Resources stock opened at $67.66 on Monday. California Resources Corporation has a twelve month low of $30.97 and a twelve month high of $71.98. The business has a fifty day moving average of $60.12 and a two-hundred day moving average of $52.32. The firm has a market cap of $6.00 billion, a P/E ratio of 16.58 and a beta of 1.04. 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 - Get Free Report) last released its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $789.67 million. During the same quarter last year, the business earned $0.91 earnings per share. The firm's revenue for the quarter was up 5.4% on a year-over-year basis. On average, analysts forecast that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 13th were issued 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 currently 39.71%.

Insider Buying and Selling

In other news, EVP Christopher D. Gould sold 24,347 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $62.21, for a total transaction of $1,514,626.87. Following the completion of the sale, the executive vice president owned 131,537 shares in the company, valued at $8,182,916.77. This trade represents a 15.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark Allen Mcfarland sold 16,372 shares of the business's stock in a transaction on Friday, March 6th. The stock was sold at an average price of $64.83, for a total value of $1,061,396.76. Following the transaction, the director directly owned 76,265 shares of the company's stock, valued at $4,944,259.95. The trade was a 17.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 72,283 shares of company stock valued at $4,636,646 over the last 90 days. Insiders own 0.03% of the company's stock.

California Resources Company 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.

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