Bank of New York Mellon Corp Decreases Stock Holdings in California Resources Corporation (NYSE:CRC)

Bank of New York Mellon Corp reduced its position in California Resources Corporation (NYSE:CRC - Free Report) by 3.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 715,638 shares of the oil and gas producer's stock after selling 23,419 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.79% of California Resources worth $31,467,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Atria Investments Inc grew its position in California Resources by 17.1% in the 4th quarter. Atria Investments Inc now owns 4,674 shares of the oil and gas producer's stock worth $243,000 after purchasing an additional 683 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in California Resources by 37.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,930 shares of the oil and gas producer's stock worth $878,000 after buying an additional 4,613 shares in the last quarter. Swiss National Bank increased its position in shares of California Resources by 1.1% during the 4th quarter. Swiss National Bank now owns 123,300 shares of the oil and gas producer's stock valued at $6,398,000 after purchasing an additional 1,400 shares during the last quarter. Natixis Advisors LLC boosted its stake in shares of California Resources by 10.2% in the 4th quarter. Natixis Advisors LLC now owns 12,164 shares of the oil and gas producer's stock valued at $631,000 after purchasing an additional 1,122 shares in the last quarter. Finally, Cibc World Markets Corp purchased a new position in California Resources in the 4th quarter worth $335,000. Institutional investors and hedge funds own 97.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. upgraded shares of California Resources from a "neutral" rating to an "overweight" rating and upped their price target for the company from $60.00 to $63.00 in a report on Tuesday. Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. UBS Group set a $58.00 price objective on shares of California Resources and gave the stock a "buy" rating in a report on Monday. Bank of America reduced their price target on shares of California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Finally, Citigroup lifted their price target on California Resources from $36.00 to $44.00 and gave the company a "neutral" rating in a research report on Monday, May 19th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, California Resources has a consensus rating of "Buy" and a consensus price target of $62.00.

California Resources Price Performance

CRC stock traded up $1.20 during trading on Thursday, hitting $47.81. 254,822 shares of the company's stock traded hands, compared to its average volume of 837,011. The stock has a market capitalization of $4.26 billion, a price-to-earnings ratio of 8.68 and a beta of 1.16. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.74 and a current ratio of 0.83. The business has a fifty day simple moving average of $45.01 and a 200 day simple moving average of $44.46. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.24. The firm had revenue of $912.00 million for the quarter, compared to the consensus estimate of $862.14 million. California Resources had a return on equity of 11.45% and a net margin of 13.70%. The company's revenue for the quarter was up 100.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 earnings per share. As a group, 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 announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were issued a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend was Friday, May 30th. California Resources's payout ratio is 28.13%.

California Resources Profile

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.