Hsbc Holdings PLC Has $953,000 Position in California Resources Corporation $CRC

Key Points

• Hsbc Holdings PLC reduced its stake in California Resources Corporation by 41.2%, selling 15,158 shares to hold a total of 21,669 shares valued at $953,000.
• California Resources recently reported quarterly earnings of $1.10 per share, exceeding analyst estimates, with revenue up 90.3% year-over-year, totaling $978 million.
• The company declared a quarterly dividend of $0.3875 per share, with an annual yield of 3.1% and a payout ratio of 21.17%.

Hsbc Holdings PLC lessened its stake in shares of California Resources Corporation (NYSE:CRC - Free Report) by 41.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 21,669 shares of the oil and gas producer's stock after selling 15,158 shares during the quarter. Hsbc Holdings PLC's holdings in California Resources were worth $953,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Nuveen LLC acquired a new stake in shares of California Resources during the first quarter worth $28,254,000. Palo Duro Investment Partners LP acquired a new stake in shares of California Resources during the fourth quarter worth $20,752,000. Brandywine Global Investment Management LLC acquired a new stake in shares of California Resources during the first quarter worth $14,456,000. American Century Companies Inc. boosted its holdings in shares of California Resources by 10.7% during the first quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer's stock worth $113,274,000 after purchasing an additional 248,448 shares during the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in shares of California Resources by 285.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 318,593 shares of the oil and gas producer's stock worth $16,532,000 after purchasing an additional 235,955 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. UBS Group lifted their target price on California Resources from $61.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Mizuho lifted their target price on California Resources from $61.00 to $64.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Bank of America lifted their target price on California Resources from $53.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday. Truist Financial upgraded California Resources to a "strong-buy" rating in a report on Tuesday, May 6th. Finally, Citigroup boosted their price objective on California Resources from $44.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, California Resources has a consensus rating of "Buy" and a consensus target price of $63.91.

California Resources Stock Down 1.2%

Shares of NYSE:CRC traded down $0.59 during trading on Wednesday, hitting $49.42. The company's stock had a trading volume of 426,519 shares, compared to its average volume of 934,839. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.68 and a current ratio of 0.78. California Resources Corporation has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The stock's 50-day moving average price is $48.18 and its two-hundred day moving average price is $43.88. The company has a market capitalization of $4.14 billion, a PE ratio of 6.75 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 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.19. The firm had revenue of $978.00 million during the quarter, compared to analyst estimates of $820.93 million. California Resources had a return on equity of 11.95% and a net margin of 16.14%.California Resources's quarterly revenue was up 90.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.60 earnings per share. As a group, sell-side analysts expect that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The company 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. This represents a $1.55 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, August 27th. California Resources's dividend payout ratio is 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.