Bank of New York Mellon Corp Increases Stake in California Resources Co.

Bank of New York Mellon Corp has raised its investment in California Resources Co. (NYSE:CRC) by 2.0% during the fourth quarter, as disclosed in a recent filing with the Securities and Exchange Commission. The firm now holds 739,057 shares of this oil and gas producer, having acquired an additional 14,240 shares over the quarter. As of the end of the last quarter, Bank of New York Mellon Corp’s shares in California Resources were valued at $38,350,000.

In addition to Bank of New York Mellon Corp, several other institutional investors and hedge funds have adjusted their positions in California Resources. GSA Capital Partners LLP purchased a new stake in the third quarter, investing $682,000. Furthermore, the Swiss National Bank increased its shares in California Resources by 12.7%, now owning 121,900 shares valued at $6,396,000 after acquiring an additional 13,700 shares. Geode Capital Management LLC also raised its holdings by 3.6%, now possessing 1,592,663 shares valued at $83,583,000 following the purchase of 55,815 shares. Additionally, Natixis Advisors LLC bought a new stake worth $579,000, while State Street Corp incrementally increased its position by 5.1%, bringing its total to 3,449,988 shares, worth $181,021,000 at the end of the period. In total, approximately 97.79% of California Resources’ stock is owned by institutional investors and hedge funds.

Recent Insider Trading

In related news, insider trading activity has also been observed at California Resources. Executive Vice President Omar Hayat sold 16,016 shares on December 12, resulting in a transaction worth $883,762.88, based on an average sale price of $55.18 per share. After this sale, Hayat now owns 30,940 shares valued at around $1,707,269.20, marking a decrease of 34.11% in his position. On the other hand, Director James N. Chapman purchased 2,000 shares on March 5, with an average cost of $39.42 per share, totaling $78,840. Following this acquisition, Chapman now holds 43,445 shares worth approximately $1,712,601.90, an increase of 4.83% in his stake. These transactions were reported and disclosed to the Securities and Exchange Commission.

Current Stock Performance

As of last Friday, California Resources' shares opened at $40.89. The company's stock has a 50-day moving average price of $49.34 and a 200-day moving average price of $51.96. California Resources holds a debt-to-equity ratio of 0.32, a current ratio of 0.97, and a quick ratio of 0.89. Over the last year, the stock has hit a low of $38.02 and a high of $60.41. The current market capitalization of California Resources stands at $3.74 billion, with a P/E ratio of 6.44.

In the latest quarterly earnings report released on March 3, California Resources announced earnings per share of $0.91, falling short of analysts’ expectations of $0.96 by $0.05. The company has shown a return on equity of 12.16%, alongside a net margin of 17.43%. The reported revenue was $877.00 million, compared to analysts' estimates of $901.36 million. Projections for the current fiscal year suggest that California Resources will achieve an earnings per share of 3.85.

Dividend Information

California Resources has declared a quarterly dividend to be distributed on March 21, with shareholders on record as of March 10 eligible to receive a dividend of $0.3875. The ex-dividend date is also set for March 10. This reflects an annualized dividend of $1.55, which equates to a dividend yield of 3.79%. Currently, the dividend payout ratio stands at 24.41%.

Analyst Ratings

Recently, several analysts have offered their perspectives on California Resources' stock. Truist Financial initiated coverage with a “buy” rating and set a target price of $75.00 on January 13. JPMorgan Chase & Co. also provided coverage, assigning a “neutral” rating and a price target of $63.00 on December 20. Meanwhile, Barclays adjusted its price target from $57.00 to $55.00, retaining an “equal weight” rating. Capital One Financial recently upgraded its opinion on California Resources to “strong-buy” on December 9, while StockNews.com moved its rating from “sell” to “hold” on November 16. Currently, the consensus shows three analysts rating the stock as ''hold,'' ten as ''buy,'' and one as ''strong buy''. According to data from MarketBeat, California Resources carries an average rating of “Moderate Buy” with an average price target of $67.08.

Company Overview

California Resources Corporation operates as an independent exploration and production company in the oil and natural gas sector in the United States. It is engaged in finding, producing, and marketing crude oil, natural gas, and natural gas liquids, catering to marketers and refineries with access to transportation and storage facilities.

Bank, Investment, Stocks