Federated Hermes Inc. Sells 10,956 Shares of California Resources Corporation (NYSE:CRC)

Key Points

• Federated Hermes Inc. reduced its stake in California Resources Corporation by 52.1%, holding 10,091 shares valued at $444,000 after selling 10,956 shares in the first quarter.
• Despite Federated Hermes' decrease, other institutions have significantly increased their stakes, with Larson Financial Group raising theirs by 269.4% and Lazard Asset Management boosting theirs by an astounding 52,366.7%.
• California Resources reported a strong quarterly earnings result of $1.10 EPS, exceeding analysts’ expectations, and announced a quarterly dividend of $0.3875 per share, representing a 3.3% dividend yield.

Federated Hermes Inc. lessened its holdings in shares of California Resources Corporation (NYSE:CRC - Free Report) by 52.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,091 shares of the oil and gas producer's stock after selling 10,956 shares during the period. Federated Hermes Inc.'s holdings in California Resources were worth $444,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Summit Investment Advisors Inc. lifted its holdings in shares of California Resources by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,217 shares of the oil and gas producer's stock valued at $374,000 after purchasing an additional 228 shares in the last quarter. SummerHaven Investment Management LLC lifted its holdings in shares of California Resources by 1.9% during the 1st quarter. SummerHaven Investment Management LLC now owns 15,335 shares of the oil and gas producer's stock valued at $674,000 after purchasing an additional 293 shares in the last quarter. New York State Teachers Retirement System lifted its holdings in shares of California Resources by 1.4% during the 1st quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer's stock valued at $967,000 after purchasing an additional 300 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in California Resources by 68.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock valued at $34,000 after acquiring an additional 316 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its stake in California Resources by 5.7% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 6,929 shares of the oil and gas producer's stock valued at $360,000 after acquiring an additional 372 shares in the last quarter. Institutional investors own 97.79% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on CRC. Roth Capital reissued a "buy" rating on shares of California Resources in a report on Saturday, July 19th. Wall Street Zen lowered California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. Bank of America decreased their price objective on California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. JPMorgan Chase & Co. raised California Resources from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $60.00 to $63.00 in a report on Tuesday, July 15th. Finally, Citigroup upped their price objective on California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $62.82.

California Resources Price Performance

California Resources stock traded up $0.03 during midday trading on Wednesday, hitting $48.53. 174,079 shares of the company's stock were exchanged, compared to its average volume of 953,446. The stock has a 50-day moving average price of $47.21 and a two-hundred day moving average price of $43.85. California Resources Corporation has a 52-week low of $30.97 and a 52-week high of $60.41. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.68 and a current ratio of 0.78. The company has a market cap of $4.06 billion, a P/E ratio of 6.62 and a beta of 1.16.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.19. California Resources had a return on equity of 11.95% and a net margin of 16.14%. The business had revenue of $978.00 million during the quarter, compared to analysts' expectations of $820.93 million. During the same quarter last year, the business posted $0.60 EPS. The business's revenue was up 90.3% on a year-over-year basis. On average, equities research analysts forecast that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Wednesday, August 27th will be given a $0.3875 dividend. The ex-dividend date of this dividend is Wednesday, August 27th. This represents a $1.55 annualized dividend and a dividend yield of 3.2%. California Resources's dividend payout ratio is currently 21.17%.

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.