Allspring Global Investments Holdings LLC Has $355,000 Position in California Resources Co. (NYSE:CRC)

Allspring Global Investments Holdings LLC lowered its holdings in California Resources Co. (NYSE:CRC) by 45.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,760 shares of the oil and gas producer’s stock after selling 5,679 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in California Resources were worth $355,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its position in California Resources by 61.5% in the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 371 shares during the period. Privium Fund Management B.V. purchased a new position in California Resources during the 2nd quarter worth $258,000. Hyperion Capital Advisors LP purchased a new position in California Resources during the 1st quarter worth $275,000. AlphaMark Advisors LLC purchased a new position in California Resources during the 2nd quarter worth $320,000. Finally, Bfsg LLC boosted its holdings in California Resources by 15.4% during the 2nd quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock worth $339,000 after acquiring an additional 851 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

Insider Activity at California Resources

In related news, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the sale, the chief executive officer now directly owns 166,357 shares in the company, valued at approximately $8,181,437.26. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now directly owns 166,357 shares in the company, valued at $8,181,437.26. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Noelle M. Repetti sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the sale, the vice president now owns 17,301 shares in the company, valued at approximately $916,953. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CRC. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Barclays lifted their price objective on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. Stephens began coverage on shares of California Resources in a report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price objective on the stock. UBS Group began coverage on shares of California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price objective on the stock. Finally, TD Cowen began coverage on shares of California Resources in a report on Friday, August 2nd. They set a “buy” rating and a $65.00 price objective on the stock. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $65.50.

California Resources Trading Down 0.1 %

NYSE CRC opened at $51.93 on Friday. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 23.08, a PEG ratio of 1.29 and a beta of 0.98. California Resources Co. has a one year low of $43.09 and a one year high of $57.88. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.43 and a quick ratio of 2.33. The business’s fifty day moving average is $51.75 and its 200-day moving average is $50.71.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). California Resources had a net margin of 7.61% and a return on equity of 11.27%. The firm had revenue of $514.00 million during the quarter, compared to the consensus estimate of $477.07 million. During the same quarter in the prior year, the firm posted $0.53 earnings per share. The company’s revenue was down 13.0% on a year-over-year basis. Equities research analysts predict that California Resources Co. will post 3.45 EPS for the current year.

California Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a $0.3875 dividend. This is a boost from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend was Friday, August 30th. California Resources’s payout ratio is currently 68.89%.

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.