Hsbc Holdings PLC Purchases 12,299 Shares of California Resources Corporation $CRC

Hsbc Holdings PLC lifted its position in shares of California Resources Corporation (NYSE:CRC) by 228.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,678 shares of the oil and gas producer’s stock after buying an additional 12,299 shares during the quarter. Hsbc Holdings PLC’s holdings in California Resources were worth $780,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC increased its position in California Resources by 89.1% during the first quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock worth $2,046,000 after acquiring an additional 21,923 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in California Resources by 6.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock valued at $1,832,000 after purchasing an additional 2,394 shares during the period. Goldman Sachs Group Inc. boosted its holdings in California Resources by 38.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock valued at $28,916,000 after purchasing an additional 181,833 shares during the period. Empowered Funds LLC grew its position in shares of California Resources by 3.8% during the 1st quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock worth $2,233,000 after purchasing an additional 1,857 shares in the last quarter. Finally, Intech Investment Management LLC grew its position in shares of California Resources by 17.7% during the 1st quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock worth $1,401,000 after purchasing an additional 4,783 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

Insider Buying and Selling at California Resources

In related news, EVP Jay A. Bys sold 11,907 shares of the company’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the sale, the executive vice president directly owned 159,424 shares in the company, valued at $8,608,896. This represents a 6.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by corporate insiders.

California Resources Stock Performance

Shares of NYSE:CRC opened at $52.30 on Wednesday. The company’s 50 day simple moving average is $57.32 and its 200 day simple moving average is $57.81. The stock has a market capitalization of $4.64 billion, a price-to-earnings ratio of -10.06 and a beta of 0.92. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47. California Resources Corporation has a 1 year low of $43.24 and a 1 year high of $71.98.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, meeting the consensus estimate of $0.88. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The business had revenue of $119.00 million during the quarter, compared to the consensus estimate of $947.50 million. During the same period in the previous year, the business earned $1.07 earnings per share. The company’s revenue was down 87.0% on a year-over-year basis. As a group, research analysts predict that California Resources Corporation will post 5.24 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, May 29th were issued a dividend of $0.405 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.1%. California Resources’s payout ratio is -31.15%.

Analyst Ratings Changes

A number of research firms have recently weighed in on CRC. Zacks Research downgraded shares of California Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Mizuho increased their price target on California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Weiss Ratings lowered California Resources from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 8th. Citigroup dropped their price objective on California Resources from $78.00 to $70.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Finally, Wall Street Zen downgraded California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $71.90.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.