Principal Financial Group Inc. Buys 8,047 Shares of California Resources Corporation (NYSE:CRC)

Principal Financial Group Inc. increased its position in shares of California Resources Corporation (NYSE:CRC - Free Report) by 2.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 384,200 shares of the oil and gas producer's stock after buying an additional 8,047 shares during the period. Principal Financial Group Inc. owned about 0.42% of California Resources worth $16,893,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of CRC. First Trust Advisors LP grew its position in California Resources by 14.2% in the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer's stock worth $353,800,000 after acquiring an additional 845,694 shares in the last quarter. Palo Duro Investment Partners LP bought a new position in shares of California Resources in the 4th quarter valued at about $20,752,000. American Century Companies Inc. raised its holdings in California Resources by 14.2% during the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer's stock worth $120,785,000 after buying an additional 290,263 shares during the period. Balyasny Asset Management L.P. grew its stake in shares of California Resources by 285.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 318,593 shares of the oil and gas producer's stock valued at $16,532,000 after buying an additional 235,955 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of California Resources by 158.7% in 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. Institutional investors own 97.79% of the company's stock.

California Resources Stock Down 1.1%

Shares of NYSE CRC traded down $0.53 during mid-day trading on Tuesday, hitting $47.07. The company had a trading volume of 561,275 shares, compared to its average volume of 838,223. The company has a market capitalization of $4.20 billion, a PE ratio of 8.54 and a beta of 1.16. The business's 50-day simple moving average is $44.61 and its 200 day simple moving average is $44.43. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.83 and a quick ratio of 0.74. 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 posted its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.24. The company had revenue of $912.00 million during the quarter, compared to analysts' expectations of $862.14 million. California Resources had a return on equity of 11.45% and a net margin of 13.70%. The firm's revenue for the quarter was up 100.9% on a year-over-year basis. During the same period last year, the firm earned $0.75 EPS. On average, analysts predict that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were given a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date was Friday, May 30th. California Resources's dividend payout ratio is currently 28.13%.

Wall Street Analyst Weigh In

CRC has been the subject of a number of analyst reports. Bank of America lowered their price target on California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Truist Financial upgraded California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Mizuho boosted their target price on California Resources from $60.00 to $61.00 and gave the stock an "outperform" rating in a research report on Monday. Royal Bank Of Canada decreased their price target on California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research note on Friday, April 11th. Finally, Citigroup boosted their target price on California Resources from $36.00 to $44.00 and gave the company a "neutral" rating in a research note on Monday, May 19th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $62.00.

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.