California Resources Corporation $CRC Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its California Resources stake by 57.1% in the first quarter, adding 212,827 shares to own 585,709 shares valued at approximately $40.5 million. Institutional investors collectively own 97.79% of CRC.
• Wall Street maintains a generally positive view, with an average rating of “Moderate Buy” and an average price target of $72.55, despite some analysts lowering their targets.
• CRC shares opened at $52.81, while quarterly EPS of $0.99 missed expectations of $1.36. The company reported $1.30 billion in revenue, up 33% year over year, and declared a quarterly dividend of $0.405 per share.

Bank of America Corp DE lifted its holdings in shares of California Resources Corporation (NYSE:CRC - Free Report) by 57.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 585,709 shares of the oil and gas producer's stock after acquiring an additional 212,827 shares during the quarter. Bank of America Corp DE owned about 0.66% of California Resources worth $40,543,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in CRC. Valued Wealth Advisors LLC purchased a new stake in shares of California Resources during the first quarter worth about $29,000. Rockefeller Capital Management L.P. boosted its holdings in California Resources by 363.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer's stock valued at $25,000 after purchasing an additional 440 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in California Resources during the 4th quarter valued at approximately $26,000. Pinnacle Holdings LLC acquired a new stake in California Resources during the 4th quarter valued at approximately $27,000. Finally, EMC Capital Management purchased a new stake in California Resources during the 4th quarter worth approximately $42,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRC. UBS Group dropped their price target on shares of California Resources from $70.00 to $67.00 and set a "buy" rating for the company in a research note on Wednesday. Weiss Ratings raised shares of California Resources from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday. Mizuho increased their price target on shares of California Resources from $86.00 to $87.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Stephens set a $85.00 price objective on California Resources and gave the company an "overweight" rating in a report on Friday, July 17th. Finally, Barclays restated an "overweight" rating and set a $77.00 price objective (down from $80.00) on shares of California Resources in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $72.55.

California Resources Trading Down 1.2%

California Resources stock opened at $52.81 on Friday. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. The firm has a 50-day moving average price of $53.54 and a two-hundred day moving average price of $58.76. The firm has a market capitalization of $4.69 billion, a price-to-earnings ratio of -38.83 and a beta of 0.93. California Resources Corporation has a 52-week low of $43.24 and a 52-week high of $71.98.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by ($0.37). The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $960.20 million. California Resources had a positive return on equity of 9.87% and a negative net margin of 3.79%.The company's revenue for the quarter was up 33.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.10 EPS. Sell-side analysts expect that California Resources Corporation will post 3.53 earnings per share for the current year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued 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 is Friday, September 4th. California Resources's payout ratio is presently -119.12%.

Insider Buying and Selling

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the company's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president owned 147,517 shares of the company's stock, valued at approximately $7,965,918. This represents a 7.47% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 35,721 shares of company stock worth $2,020,380 over the last ninety days. 0.53% of the stock is owned by corporate insiders.

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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