Allspring Global Investments Holdings LLC Increases Position in California Resources Co. (NYSE:CRC)

Allspring Global Investments Holdings LLC raised its position in California Resources Co. (NYSE:CRC - Free Report) by 638.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 89,784 shares of the oil and gas producer's stock after purchasing an additional 77,628 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.13% of California Resources worth $4,909,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CRC. Nomura Asset Management Co. Ltd. acquired a new stake in shares of California Resources during the 1st quarter worth about $25,000. Sunbelt Securities Inc. acquired a new position in shares of California Resources in the 1st quarter worth approximately $29,000. Headlands Technologies LLC purchased a new position in shares of California Resources during the 3rd quarter worth approximately $45,000. Captrust Financial Advisors increased its holdings in California Resources by 69.1% in the 2nd quarter. Captrust Financial Advisors now owns 1,454 shares of the oil and gas producer's stock valued at $56,000 after purchasing an additional 594 shares during the last quarter. Finally, Amundi purchased a new stake in California Resources in the fourth quarter valued at approximately $67,000. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Stock Up 1.4 %

Shares of California Resources stock traded up $0.74 during trading on Friday, hitting $54.43. 340,485 shares of the stock were exchanged, compared to its average volume of 618,996. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 7.05 and a beta of 1.02. The firm's 50-day moving average price is $53.92 and its 200 day moving average price is $52.68. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.39. California Resources Co. has a 12-month low of $37.21 and a 12-month high of $58.44.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.01 by ($0.08). California Resources had a return on equity of 17.57% and a net margin of 20.14%. The business had revenue of $726.00 million for the quarter, compared to analysts' expectations of $553.47 million. During the same period last year, the firm earned $1.24 earnings per share. The firm's quarterly revenue was up 6.5% on a year-over-year basis. As a group, analysts forecast that California Resources Co. will post 4.57 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Shareholders of record on Wednesday, March 6th were issued a dividend of $0.31 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a yield of 2.28%. California Resources's payout ratio is currently 16.06%.

Analyst Ratings Changes

Several research firms recently issued reports on CRC. Bank of America lowered California Resources from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $64.00 to $60.00 in a research note on Friday, January 5th. Stifel Nicolaus lowered their price objective on shares of California Resources from $72.00 to $68.00 and set a "buy" rating for the company in a research note on Friday, March 22nd. Barclays began coverage on shares of California Resources in a report on Wednesday, April 10th. They set an "equal weight" rating and a $62.00 target price on the stock. Royal Bank of Canada restated an "outperform" rating and issued a $70.00 price target on shares of California Resources in a research note on Wednesday, March 6th. Finally, Mizuho reduced their price objective on California Resources from $69.00 to $63.00 and set a "buy" rating on the stock in a research note on Friday, March 22nd. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $63.43.

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.