California Resources Co. (NYSE:CRC) Stock Holdings Lifted by Comerica Bank

Comerica Bank grew its position in shares of California Resources Co. (NYSE:CRC) by 2.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,374 shares of the oil and gas producer’s stock after buying an additional 898 shares during the quarter. Comerica Bank’s holdings in California Resources were worth $1,628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Entropy Technologies LP acquired a new stake in shares of California Resources in the 4th quarter valued at $841,000. Bank of New York Mellon Corp increased its holdings in shares of California Resources by 2.0% during the 4th quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer’s stock valued at $38,350,000 after acquiring an additional 14,240 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in shares of California Resources by 1.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer’s stock valued at $2,869,000 after acquiring an additional 649 shares in the last quarter. Empowered Funds LLC lifted its holdings in California Resources by 84.3% in the 4th quarter. Empowered Funds LLC now owns 48,929 shares of the oil and gas producer’s stock worth $2,539,000 after purchasing an additional 22,383 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in California Resources by 518.4% during the fourth quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer’s stock valued at $88,000 after purchasing an additional 1,410 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Trading Down 0.3 %

Shares of California Resources stock opened at $40.57 on Friday. California Resources Co. has a 12-month low of $30.97 and a 12-month high of $60.41. The stock has a market capitalization of $3.68 billion, a P/E ratio of 6.39, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. The company has a 50-day simple moving average of $38.86 and a 200 day simple moving average of $47.70. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.24. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $912.00 million for the quarter, compared to analyst estimates of $862.14 million. During the same period in the prior year, the company earned $0.75 EPS. California Resources’s revenue for the quarter was up 100.9% on a year-over-year basis. Research analysts expect that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be given a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 3.82%. The ex-dividend date is Friday, May 30th. California Resources’s payout ratio is presently 28.13%.

Analyst Ratings Changes

A number of research analysts recently issued reports on CRC shares. Barclays raised their target price on shares of California Resources from $47.00 to $50.00 and gave the company an “equal weight” rating in a research note on Friday. Royal Bank of Canada dropped their price objective 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. UBS Group upped their price target on California Resources from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday. Truist Financial raised shares of California Resources to a “strong-buy” rating in a research report on Tuesday, May 6th. Finally, Roth Capital restated a “buy” rating on shares of California Resources in a report on Wednesday. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $60.00.

Insider Transactions at California Resources

In other news, Director James N. Chapman bought 2,000 shares of the company’s stock in a transaction dated Wednesday, March 5th. The stock was bought at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the transaction, the director now directly owns 43,445 shares in the company, valued at $1,712,601.90. The trade was a 4.83 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.03% of the stock is owned by company insiders.

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.