California Resources Corporation $CRC Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its stake in California Resources Corporation (CRC) by 19.8% in Q1, selling 6,204 shares, leaving it with 25,170 shares valued at approximately $1.1 million.
• California Resources recently reported a 90.3% increase in quarterly revenue year-over-year, achieving $978 million and an EPS of $1.10, exceeding analysts' expectations.
• The company declared a quarterly dividend of $0.3875 per share, translating to an annual yield of 3.0%, with the ex-dividend date set for August 27th.

Comerica Bank reduced its stake in California Resources Corporation (NYSE:CRC - Free Report) by 19.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 25,170 shares of the oil and gas producer's stock after selling 6,204 shares during the quarter. Comerica Bank's holdings in California Resources were worth $1,107,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CRC. Larson Financial Group LLC lifted its holdings in shares of California Resources by 269.4% in the 1st quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock worth $28,000 after acquiring an additional 466 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in California Resources by 68.8% during the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock worth $34,000 after buying an additional 316 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in California Resources during the 1st quarter worth approximately $79,000. Lazard Asset Management LLC lifted its holdings in California Resources by 52,366.7% during the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock worth $81,000 after buying an additional 1,571 shares in the last quarter. Finally, State of Wyoming acquired a new stake in California Resources during the 4th quarter worth approximately $131,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Trading Up 4.7%

Shares of NYSE:CRC opened at $51.54 on Friday. California Resources Corporation has a 52 week low of $30.97 and a 52 week high of $60.41. The company's 50 day moving average is $48.38 and its two-hundred day moving average is $43.94. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.26. The company has a market cap of $4.31 billion, a PE ratio of 7.04 and a beta of 1.16.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The company had revenue of $978.00 million for the quarter, compared to the consensus estimate of $820.93 million. During the same period in the prior year, the firm posted $0.60 EPS. The company's quarterly revenue was up 90.3% compared to the same quarter last year. Equities analysts predict that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Wednesday, August 27th will be given a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, August 27th. California Resources's dividend payout ratio (DPR) is 21.17%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. UBS Group increased their target price on shares of California Resources from $61.00 to $63.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Wall Street Zen lowered shares of California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. Mizuho increased their target price on shares of California Resources from $61.00 to $64.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Citigroup increased their target price on shares of California Resources from $44.00 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, Roth Capital reiterated a "buy" rating on shares of California Resources in a report on Saturday, July 19th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $63.91.

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.

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