Hsbc Holdings PLC Has $780,000 Position in California Resources Corporation $CRC

Hsbc Holdings PLC lifted its stake in shares of California Resources Corporation (NYSE:CRC) by 228.6% during the 4th quarter, HoldingsChannel reports. The firm owned 17,678 shares of the oil and gas producer’s stock after acquiring an additional 12,299 shares during the period. Hsbc Holdings PLC’s holdings in California Resources were worth $780,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Rockefeller Capital Management L.P. lifted its stake in California Resources by 363.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 440 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of California Resources during the fourth quarter worth $26,000. Pinnacle Holdings LLC acquired a new position in shares of California Resources during the fourth quarter worth $27,000. FNY Investment Advisers LLC acquired a new position in shares of California Resources during the third quarter worth $36,000. Finally, Allworth Financial LP lifted its stake 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 valued at $41,000 after acquiring an additional 598 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at California Resources

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the company’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the sale, the executive vice president owned 159,424 shares in the company, valued at approximately $8,608,896. The trade was a 6.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.53% of the company’s stock.

California Resources Price Performance

CRC stock opened at $52.30 on Wednesday. The company has a market capitalization of $4.64 billion, a P/E ratio of -10.06 and a beta of 0.92. The company has a fifty day moving average price of $57.32 and a 200-day moving average price of $57.81. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.47 and a current ratio of 0.55. California Resources Corporation has a 52-week low of $43.24 and a 52-week high of $71.98.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, hitting the consensus estimate of $0.88. The company had revenue of $119.00 million for the quarter, compared to analysts’ expectations of $947.50 million. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. California Resources’s revenue for the quarter was down 87.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.07 earnings per share. As a group, equities analysts expect that California Resources Corporation will post 5.24 EPS for the current year.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, May 29th were issued a dividend of $0.405 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.62 annualized dividend and a yield of 3.1%. California Resources’s payout ratio is presently -31.15%.

Analyst Ratings Changes

Several research firms recently weighed in on CRC. Zacks Research downgraded California Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. UBS Group reaffirmed a “buy” rating and issued a $70.00 target price (down from $78.00) on shares of California Resources in a report on Monday. Mizuho increased their target price on California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Citigroup cut their price target on California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Finally, Barclays lifted their price target on California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, California Resources currently has an average rating of “Moderate Buy” and a consensus price target of $71.90.

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.