Bank of New York Mellon Corp Has $38.35 Million Position in California Resources Co. (NYSE:CRC)

Bank of New York Mellon Corp raised its position in shares of California Resources Co. (NYSE:CRC - Free Report) by 2.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 739,057 shares of the oil and gas producer's stock after acquiring an additional 14,240 shares during the period. Bank of New York Mellon Corp owned approximately 0.81% of California Resources worth $38,350,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Y Intercept Hong Kong Ltd bought a new stake in shares of California Resources in the fourth quarter valued at approximately $515,000. New York State Common Retirement Fund raised its stake in California Resources by 7.5% during the 4th quarter. New York State Common Retirement Fund now owns 167,367 shares of the oil and gas producer's stock valued at $8,685,000 after purchasing an additional 11,681 shares during the last quarter. CIBC Asset Management Inc bought a new stake in California Resources in the 4th quarter valued at $362,000. Principal Financial Group Inc. grew its position in California Resources by 4.4% in the 4th quarter. Principal Financial Group Inc. now owns 376,153 shares of the oil and gas producer's stock worth $19,519,000 after purchasing an additional 15,981 shares during the last quarter. Finally, Rhumbline Advisers grew its position in California Resources by 5.7% during the fourth quarter. Rhumbline Advisers now owns 214,736 shares of the oil and gas producer's stock worth $11,143,000 after buying an additional 11,547 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

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California Resources Stock Performance

CRC traded up $0.48 during trading hours on Monday, reaching $41.58. The company's stock had a trading volume of 980,203 shares, compared to its average volume of 790,231. California Resources Co. has a 52 week low of $38.02 and a 52 week high of $60.41. The firm has a market cap of $3.77 billion, a PE ratio of 6.55, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. The company's 50-day moving average is $49.17 and its 200-day moving average is $51.92. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.05). The firm had revenue of $877.00 million during the quarter, compared to analyst estimates of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. On average, equities analysts forecast that California Resources Co. will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Monday, March 10th will be paid a $0.3875 dividend. The ex-dividend date is Monday, March 10th. This represents a $1.55 annualized dividend and a dividend yield of 3.73%. California Resources's dividend payout ratio (DPR) is presently 37.71%.

Insider Buying and Selling

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the business's stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the transaction, the executive vice president now directly owns 30,940 shares in the company, valued at $1,707,269.20. The trade was a 34.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James N. Chapman bought 2,000 shares of California Resources stock in a transaction on Wednesday, March 5th. The stock was acquired at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the acquisition, the director now owns 43,445 shares in the company, valued at approximately $1,712,601.90. This represents a 4.83 % increase in their position. The disclosure for this purchase can be found here. 0.03% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have commented on the company. Barclays reduced their price objective on California Resources from $57.00 to $55.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 5th. TD Cowen lifted their target price on shares of California Resources from $65.00 to $74.00 and gave the company a "buy" rating in a research report on Tuesday, November 26th. StockNews.com raised shares of California Resources from a "sell" rating to a "hold" rating in a research note on Saturday, November 16th. Royal Bank of Canada restated an "outperform" rating and set a $70.00 price target on shares of California Resources in a research note on Tuesday, January 14th. Finally, JPMorgan Chase & Co. started coverage on California Resources in a research note on Friday, December 20th. They issued a "neutral" rating and a $63.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $67.08.

California Resources Profile

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.