Bank of New York Mellon Corp Invests $63.20 Million in California Resources Corporation $CRC

Bank of New York Mellon Corp acquired a new stake in California Resources Corporation (NYSE:CRC) in the 2nd quarter, HoldingsChannel reports. The fund acquired 1,195,482 shares of the oil and gas producer’s stock, valued at approximately $63,205,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Federated Hermes Inc. lifted its stake in California Resources by 4.3% in the fourth quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer’s stock valued at $209,000 after acquiring an additional 195 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in California Resources by 14.6% in the 4th quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer’s stock valued at $75,000 after purchasing an additional 214 shares during the last quarter. iA Global Asset Management Inc. grew its holdings in California Resources by 4.4% during the fourth quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock worth $243,000 after purchasing an additional 230 shares during the period. EverSource Wealth Advisors LLC grew its holdings in California Resources by 13.6% during the first quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer’s stock worth $155,000 after purchasing an additional 268 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in California Resources by 8.8% during the first quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer’s stock worth $281,000 after buying an additional 327 shares during the last quarter. 97.79% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Jay A. Bys sold 11,907 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the transaction, the executive vice president directly owned 147,517 shares of the company’s stock, valued at approximately $7,965,918. This trade represents a 7.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 35,721 shares of company stock worth $2,020,380. Corporate insiders own 0.53% of the company’s stock.

California Resources Stock Up 1.6%

CRC stock opened at $52.51 on Thursday. California Resources Corporation has a fifty-two week low of $43.24 and a fifty-two week high of $71.98. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.66 and a quick ratio of 0.56. The stock has a market capitalization of $4.66 billion, a price-to-earnings ratio of -38.61 and a beta of 0.93. The business’s fifty day moving average price is $52.69 and its two-hundred day moving average price is $58.78.

California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.37). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $960.20 million. During the same quarter last year, the company posted $1.10 earnings per share. The company’s revenue was up 33.0% on a year-over-year basis. On average, equities analysts anticipate that California Resources Corporation will post 3.63 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be given a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Friday, September 4th. California Resources’s dividend payout ratio is presently -119.12%.

Analyst Upgrades and Downgrades

CRC has been the subject of several research analyst reports. Stephens set a $85.00 target price on California Resources and gave the stock an “overweight” rating in a research note on Friday, July 17th. UBS Group cut their price target on California Resources from $70.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Barclays set a $74.00 price objective on shares of California Resources and gave the stock an “overweight” rating in a research report on Monday, August 17th. Citigroup dropped their price objective on shares of California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Finally, Wall Street Zen cut shares of California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $72.27.

California Resources 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.