California Resources Co. (NYSE:CRC) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. decreased its holdings in California Resources Co. (NYSE:CRC) by 0.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 222,839 shares of the oil and gas producer’s stock after selling 229 shares during the period. Federated Hermes Inc. owned about 0.33% of California Resources worth $11,859,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of CRC. Vest Financial LLC grew its stake in California Resources by 38.4% during the 2nd quarter. Vest Financial LLC now owns 470,694 shares of the oil and gas producer’s stock worth $25,050,000 after purchasing an additional 130,526 shares in the last quarter. American Century Companies Inc. increased its stake in shares of California Resources by 18.1% during the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock worth $86,825,000 after buying an additional 250,367 shares during the period. SIR Capital Management L.P. acquired a new stake in California Resources in the second quarter valued at approximately $11,820,000. Private Management Group Inc. lifted its stake in California Resources by 14.6% in the second quarter. Private Management Group Inc. now owns 793,959 shares of the oil and gas producer’s stock worth $42,254,000 after acquiring an additional 101,021 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in California Resources by 8.9% during the 2nd quarter. Arizona State Retirement System now owns 15,400 shares of the oil and gas producer’s stock worth $820,000 after acquiring an additional 1,256 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Insider Buying and Selling at California Resources

In related news, Director Christian S. Kendall purchased 20,895 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was acquired at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the purchase, the director now directly owns 24,600 shares of the company’s stock, valued at $1,180,062. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In other California Resources news, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction that occurred on 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 owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christian S. Kendall bought 20,895 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the purchase, the director now owns 24,600 shares in the company, valued at approximately $1,180,062. The disclosure for this purchase can be found here. Company insiders own 0.03% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CRC shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price objective on shares of California Resources in a research report on Monday, August 12th. Barclays decreased their price target on California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and increased their price objective for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. TD Cowen initiated coverage on California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price target for the company. Finally, Citigroup raised their price objective on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

California Resources Price Performance

CRC stock opened at $50.89 on Tuesday. The business has a 50 day simple moving average of $50.09 and a 200-day simple moving average of $51.07. The company has a market capitalization of $3.45 billion, a P/E ratio of 14.58, a PEG ratio of 1.19 and a beta of 0.98. California Resources Co. has a twelve month low of $43.09 and a twelve month high of $58.44. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57.

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

California Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 3.05%. This is a boost from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Friday, August 30th. California Resources’s dividend payout ratio (DPR) is presently 44.41%.

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.