Bank of New York Mellon Corp Has $31.47 Million Stock Holdings in California Resources Corporation (NYSE:CRC)

Bank of New York Mellon Corp lessened its stake in shares of California Resources Corporation (NYSE:CRC - Free Report) by 3.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (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 about 0.79% of California Resources worth $31,467,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Harbor Capital Advisors Inc. raised its position in California Resources by 68.8% in the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock worth $34,000 after acquiring an additional 316 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of California Resources by 52,366.7% in the fourth quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock valued at $81,000 after buying an additional 1,571 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of California Resources by 833.2% in the fourth quarter. Sterling Capital Management LLC now owns 2,221 shares of the oil and gas producer's stock valued at $115,000 after buying an additional 1,983 shares in the last quarter. State of Wyoming purchased a new position in shares of California Resources in the fourth quarter valued at $131,000. Finally, Whittier Trust Co. acquired a new stake in shares of California Resources during the fourth quarter valued at $156,000. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Stock Up 6.8%

NYSE CRC traded up $3.28 on Friday, reaching $51.31. The stock had a trading volume of 2,423,644 shares, compared to its average volume of 847,511. The company has a market capitalization of $4.58 billion, a price-to-earnings ratio of 9.31 and a beta of 1.16. The business has a 50 day moving average price of $45.37 and a 200 day moving average price of $44.44. California Resources Corporation has a 1 year low of $30.97 and a 1 year high of $60.41. The company has a current ratio of 0.83, a quick ratio of 0.74 and a debt-to-equity ratio of 0.25.

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

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were given a $0.3875 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a yield of 3.02%. California Resources's payout ratio is 28.13%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CRC shares. Truist Financial upgraded California Resources to a "strong-buy" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. upgraded California Resources from a "neutral" rating to an "overweight" rating and raised their target price for the company from $60.00 to $63.00 in a report on Tuesday. Bank of America dropped their target price on California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. Finally, Royal Bank Of Canada dropped their target price on California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a report on Friday, April 11th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $62.27.

California Resources Company 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.