Allianz Asset Management GmbH Buys 21,673 Shares of California Resources Corporation $CRC

Allianz Asset Management GmbH increased its stake in California Resources Corporation (NYSE:CRC) by 70.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 52,333 shares of the oil and gas producer’s stock after purchasing an additional 21,673 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.06% of California Resources worth $2,390,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. raised its holdings in California Resources by 2.1% in the 1st quarter. Principal Financial Group Inc. now owns 384,200 shares of the oil and gas producer’s stock worth $16,893,000 after purchasing an additional 8,047 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in California Resources by 50.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,211 shares of the oil and gas producer’s stock valued at $463,000 after acquiring an additional 3,436 shares during the period. New York State Teachers Retirement System raised its holdings in California Resources by 1.4% during the first quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer’s stock valued at $967,000 after acquiring an additional 300 shares during the period. KBC Group NV raised its holdings in California Resources by 41.3% during the first quarter. KBC Group NV now owns 3,569 shares of the oil and gas producer’s stock valued at $157,000 after acquiring an additional 1,043 shares during the period. Finally, Crossmark Global Holdings Inc. raised its holdings in California Resources by 17.4% during the first quarter. Crossmark Global Holdings Inc. now owns 4,823 shares of the oil and gas producer’s stock valued at $212,000 after acquiring an additional 716 shares during the period. 97.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

CRC has been the topic of a number of recent analyst reports. UBS Group raised their price target on California Resources from $63.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. JPMorgan Chase & Co. raised their price target on California Resources from $64.00 to $66.00 and gave the company an “overweight” rating in a report on Friday, October 10th. Zacks Research cut California Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Wall Street Zen cut California Resources from a “buy” rating to a “hold” rating in a report on Sunday, June 29th. Finally, Jefferies Financial Group set a $71.00 price target on California Resources and gave the company a “buy” rating in a report on Sunday, September 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.27.

California Resources Trading Down 2.0%

Shares of California Resources stock opened at $47.61 on Friday. The firm has a market cap of $3.98 billion, a price-to-earnings ratio of 6.50 and a beta of 1.16. The business has a 50-day moving average price of $51.24 and a 200-day moving average price of $46.15. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26. California Resources Corporation has a twelve month low of $30.97 and a twelve month high of $60.41.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.19. The firm had revenue of $978.00 million during the quarter, compared to analyst estimates of $820.93 million. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The business’s quarterly revenue was up 90.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.60 earnings per share. Equities research analysts anticipate that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Wednesday, August 27th were given a $0.3875 dividend. The ex-dividend date was Wednesday, August 27th. This represents a $1.55 annualized dividend and a yield of 3.3%. California Resources’s dividend payout ratio (DPR) is currently 21.17%.

California Resources Company 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.