California Resources Corporation $CRC Stock Position Raised by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its holdings in shares of California Resources Corporation (NYSE:CRC) by 11.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 253,699 shares of the oil and gas producer’s stock after acquiring an additional 26,358 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.30% of California Resources worth $13,492,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. FNY Investment Advisers LLC bought a new position in shares of California Resources during the third quarter valued at approximately $36,000. Allworth Financial LP lifted its holdings in shares of California Resources by 328.6% in the 3rd quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer’s stock worth $41,000 after purchasing an additional 598 shares during the last quarter. Penn Capital Management Company LLC lifted its holdings in shares of California Resources by 1.0% in the 3rd quarter. Penn Capital Management Company LLC now owns 268,175 shares of the oil and gas producer’s stock worth $14,276,000 after purchasing an additional 2,641 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in California Resources during the 3rd quarter valued at approximately $384,000. Finally, Hancock Whitney Corp bought a new position in California Resources during the 3rd quarter worth $249,000. Institutional investors own 97.79% of the company’s stock.

Analysts Set New Price Targets

CRC has been the topic of several analyst reports. Mizuho increased their target price on California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Zacks Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, February 19th. Barclays upped their price target on shares of California Resources from $67.00 to $72.00 and gave the stock an “overweight” rating in a research report on Monday, March 16th. Wall Street Zen upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Finally, Pickering Energy Partners lowered shares of California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.80.

California Resources Stock Up 1.4%

Shares of California Resources stock opened at $68.88 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.89 and a quick ratio of 0.79. California Resources Corporation has a 1-year low of $30.97 and a 1-year high of $69.31. The business’s fifty day moving average price is $58.19 and its two-hundred day moving average price is $51.87. The company has a market capitalization of $6.11 billion, a P/E ratio of 16.88 and a beta of 1.12.

California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.02). The business had revenue of $924.00 million during the quarter, compared to the consensus estimate of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 EPS. As a group, research analysts forecast that California Resources Corporation will post 3.85 EPS for the current year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 13th were given a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Friday, March 13th. California Resources’s dividend payout ratio is currently 39.71%.

Insider Activity at California Resources

In other California Resources news, Director Mark Allen Mcfarland sold 16,372 shares of the firm’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $64.83, for a total transaction of $1,061,396.76. Following the transaction, the director owned 76,265 shares of the company’s stock, valued at approximately $4,944,259.95. This trade represents a 17.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Omar Hayat sold 23,000 shares of the business’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $65.87, for a total transaction of $1,515,010.00. Following the sale, the chief operating officer owned 82,236 shares in the company, valued at $5,416,885.32. This trade represents a 21.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 72,283 shares of company stock worth $4,636,646. 0.03% of the stock is currently owned by corporate insiders.

About California Resources

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.