Invesco Ltd. Cuts Stake in California Resources Corporation $CRC

Key Points

• Invesco Ltd. reduced its stake in California Resources Corporation by 6.2%, now holding approximately 415,363 shares valued at about $18.26 million.
• Several institutional investors, including SummerHaven Investment Management and New York State Teachers Retirement System, have increased their positions in California Resources, indicating strong interest in the company.
• California Resources announced a quarterly dividend of $0.3875, representing an annual yield of 3.2%, with a payout ratio of 21.17%.

Invesco Ltd. cut its holdings in California Resources Corporation (NYSE:CRC - Free Report) by 6.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 415,363 shares of the oil and gas producer's stock after selling 27,327 shares during the quarter. Invesco Ltd. owned 0.46% of California Resources worth $18,264,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRC. Wells Fargo & Company MN increased its stake in shares of California Resources by 78.4% in the 4th quarter. Wells Fargo & Company MN now owns 56,798 shares of the oil and gas producer's stock valued at $2,947,000 after acquiring an additional 24,960 shares in the last quarter. Marshall Wace LLP acquired a new stake in California Resources in the fourth quarter worth $3,664,000. MetLife Investment Management LLC increased its stake in California Resources by 4.5% in the fourth quarter. MetLife Investment Management LLC now owns 41,702 shares of the oil and gas producer's stock valued at $2,164,000 after purchasing an additional 1,802 shares in the last quarter. State of Tennessee Department of Treasury increased its stake in California Resources by 13.8% in the fourth quarter. State of Tennessee Department of Treasury now owns 23,954 shares of the oil and gas producer's stock valued at $1,243,000 after purchasing an additional 2,900 shares in the last quarter. Finally, Hsbc Holdings PLC raised its holdings in shares of California Resources by 322.3% during the fourth quarter. Hsbc Holdings PLC now owns 36,827 shares of the oil and gas producer's stock valued at $1,916,000 after purchasing an additional 28,106 shares during the period. 97.79% of the stock is currently owned by institutional investors.

California Resources Stock Up 3.6%

NYSE CRC traded up $1.7430 on Friday, reaching $49.8330. The company had a trading volume of 672,710 shares, compared to its average volume of 869,824. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26. The company's fifty day moving average is $47.70 and its 200 day moving average is $43.77. California Resources Corporation has a 52-week low of $30.97 and a 52-week high of $60.41. The stock has a market capitalization of $4.17 billion, a P/E ratio of 6.81 and a beta of 1.16.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, topping 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 net margin of 16.14% and a return on equity of 11.95%. The business's revenue was up 90.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.60 EPS. Sell-side analysts anticipate that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently disclosed 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 of this dividend is Wednesday, August 27th. California Resources's dividend payout ratio is presently 21.17%.

Analysts Set New Price Targets

Several brokerages have recently commented on CRC. JPMorgan Chase & Co. upgraded California Resources from a "neutral" rating to an "overweight" rating and raised their target price for the company from $60.00 to $63.00 in a research note on Tuesday, July 15th. Mizuho boosted their price objective on California Resources from $61.00 to $64.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Wall Street Zen lowered California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. Truist Financial raised shares of California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Finally, Citigroup boosted their price target on shares of California Resources from $44.00 to $47.00 and gave the company 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 given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $63.00.

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.