Allspring Global Investments Holdings LLC Cuts Stock Holdings in California Resources Co. (NYSE:CRC)

Allspring Global Investments Holdings LLC decreased its holdings in shares of California Resources Co. (NYSE:CRC) by 45.7% in the 3rd quarter, Holdings Channel reports. The firm owned 6,760 shares of the oil and gas producer’s stock after selling 5,679 shares during the period. Allspring Global Investments Holdings LLC’s holdings in California Resources were worth $355,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vest Financial LLC grew its holdings in shares of California Resources by 14.5% during the third quarter. Vest Financial LLC now owns 539,009 shares of the oil and gas producer’s stock worth $28,282,000 after purchasing an additional 68,315 shares in the last quarter. AlphaMark Advisors LLC grew its holdings in shares of California Resources by 10.9% during the third quarter. AlphaMark Advisors LLC now owns 6,658 shares of the oil and gas producer’s stock worth $349,000 after purchasing an additional 652 shares in the last quarter. Creative Planning grew its holdings in shares of California Resources by 57.0% during the third quarter. Creative Planning now owns 20,743 shares of the oil and gas producer’s stock worth $1,088,000 after purchasing an additional 7,533 shares in the last quarter. CX Institutional grew its holdings in shares of California Resources by 4.8% during the third quarter. CX Institutional now owns 25,113 shares of the oil and gas producer’s stock worth $1,318,000 after purchasing an additional 1,152 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in California Resources by 61.5% in the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after buying an additional 371 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Price Performance

Shares of California Resources stock opened at $51.93 on Friday. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. The company has a market cap of $3.52 billion, a PE ratio of 23.08, a P/E/G ratio of 1.29 and a beta of 0.98. The business has a 50 day moving average of $51.75 and a 200 day moving average of $50.71. California Resources Co. has a 52 week low of $43.09 and a 52 week high of $57.88.

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

California Resources Increases Dividend

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

Insiders Place Their Bets

In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Francisco Leon sold 7,500 shares of the stock in a transaction 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 directly owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the sale, the vice president now directly 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 owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CRC. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 target price on shares of California Resources in a research note on Monday, August 12th. Stephens began coverage on California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 target price for the company. Barclays upped their target price on California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. UBS Group began coverage on California Resources in a research report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price objective for the company. Finally, Citigroup boosted their price objective on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and an average target price of $65.50.

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.