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. reduced its stake in shares of California Resources Corporation (NYSE:CRC - Free Report) by 52.1% during the 1st quarter, according to the company in its most recent Form 13F 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 large investors have also made changes to their positions in the business. JPMorgan Chase & Co. increased its stake in California Resources by 158.7% during the fourth quarter. JPMorgan Chase & Co. now owns 374,793 shares of the oil and gas producer's stock valued at $19,448,000 after acquiring an additional 229,940 shares during the period. O Shaughnessy Asset Management LLC grew its holdings in shares of California Resources by 5.7% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 6,929 shares of the oil and gas producer's stock worth $360,000 after purchasing an additional 372 shares in the last quarter. Franklin Resources Inc. increased its position in shares of California Resources by 11.9% during the fourth quarter. Franklin Resources Inc. now owns 9,867 shares of the oil and gas producer's stock valued at $512,000 after purchasing an additional 1,053 shares during the period. Geode Capital Management LLC raised its stake in shares of California Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer's stock valued at $83,344,000 after purchasing an additional 13,116 shares in the last quarter. Finally, Trexquant Investment LP acquired a new position in shares of California Resources in the 4th quarter valued at $457,000. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Price Performance

Shares of NYSE CRC traded down $0.16 during trading hours on Monday, hitting $47.40. 877,424 shares of the stock were exchanged, compared to its average volume of 957,797. 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 $3.97 billion, a PE ratio of 6.47 and a beta of 1.16. The company's fifty day simple moving average is $47.11 and its two-hundred day simple moving average is $43.85. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last issued its earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share 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 firm had revenue of $978.00 million for the quarter, compared to analyst estimates of $820.93 million. During the same quarter last year, the business posted $0.60 earnings per share. The company's quarterly revenue was up 90.3% on a year-over-year basis. On average, sell-side analysts predict that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th will be given a $0.3875 dividend. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 dividend on an annualized basis and a yield of 3.3%. California Resources's dividend payout ratio (DPR) is currently 21.17%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CRC shares. UBS Group reaffirmed a "buy" rating and set a $61.00 price objective (up from $58.00) on shares of California Resources in a report on Friday. JPMorgan Chase & Co. upgraded shares of 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 research report on Tuesday, July 15th. 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. Bank of America lowered their price target on 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, Roth Capital reiterated a "buy" rating on shares of California Resources in a research note on Saturday, July 19th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, California Resources has an average rating of "Buy" and an average price target of $62.82.

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.