California Resources Corporation $CRC Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. trimmed its stake in shares of California Resources Corporation (NYSE:CRC) by 47.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 227,341 shares of the oil and gas producer’s stock after selling 205,584 shares during the period. JPMorgan Chase & Co. owned about 0.27% of California Resources worth $10,383,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of CRC. Swiss National Bank grew its stake in shares of California Resources by 0.6% during the 1st quarter. Swiss National Bank now owns 124,000 shares of the oil and gas producer’s stock worth $5,452,000 after purchasing an additional 700 shares during the period. Virtu Financial LLC purchased a new position in California Resources in the first quarter valued at $315,000. Aigen Investment Management LP acquired a new position in shares of California Resources in the first quarter worth about $350,000. Nuveen LLC purchased a new stake in shares of California Resources during the 1st quarter worth about $28,254,000. Finally, Public Sector Pension Investment Board grew its position in shares of California Resources by 26.8% during the 1st quarter. Public Sector Pension Investment Board now owns 226,058 shares of the oil and gas producer’s stock valued at $9,940,000 after acquiring an additional 47,809 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on CRC. UBS Group lowered their price target on California Resources from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, November 10th. Mizuho set a $71.00 price target on shares of California Resources in a report on Monday, September 15th. Roth Capital set a $63.00 price objective on shares of California Resources in a report on Monday, September 15th. Wells Fargo & Company initiated coverage on shares of California Resources in a research note on Tuesday, December 2nd. They set an “overweight” rating and a $58.00 target price for the company. Finally, Jefferies Financial Group set a $71.00 price target on shares of California Resources and gave the company a “buy” rating in a research note on Sunday, September 21st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $64.82.

California Resources Stock Down 0.8%

CRC stock opened at $47.24 on Tuesday. The company has a current ratio of 0.89, a quick ratio of 0.78 and a debt-to-equity ratio of 0.26. The firm has a 50-day moving average of $48.24 and a two-hundred day moving average of $48.44. California Resources Corporation has a 12 month low of $30.97 and a 12 month high of $58.41. The company has a market cap of $3.95 billion, a price-to-earnings ratio of 10.99 and a beta of 1.15.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.15. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The business had revenue of $855.00 million during the quarter, compared to analyst estimates of $888.58 million. During the same period in the prior year, the business earned $1.50 earnings per share. The business’s revenue was down 36.8% compared to the same quarter last year. As a group, analysts forecast that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a $0.405 dividend. This is a boost from California Resources’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.4%. California Resources’s dividend payout ratio is 37.67%.

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.