California Resources Co. (NYSE:CRC) Receives $63.43 Average Target Price from Analysts

California Resources Co. (NYSE:CRC) has earned an average rating of “Moderate Buy” from the seven ratings firms that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $63.43.

A number of equities analysts have recently issued reports on the stock. Stifel Nicolaus lowered their target price on shares of California Resources from $72.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Bank of America lowered shares of California Resources from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $64.00 to $60.00 in a research report on Friday, January 5th. Barclays assumed coverage on shares of California Resources in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and set a $70.00 target price on shares of California Resources in a research report on Wednesday, March 6th. Finally, Mizuho lowered their target price on shares of California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CRC. JPMorgan Chase & Co. boosted its stake in California Resources by 47.1% in the first quarter. JPMorgan Chase & Co. now owns 160,038 shares of the oil and gas producer’s stock worth $7,159,000 after purchasing an additional 51,208 shares in the last quarter. American Century Companies Inc. bought a new stake in shares of California Resources in the first quarter worth about $452,000. Citigroup Inc. increased its holdings in shares of California Resources by 13.2% in the first quarter. Citigroup Inc. now owns 64,788 shares of the oil and gas producer’s stock worth $2,898,000 after acquiring an additional 7,572 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of California Resources during the first quarter worth about $305,000. Finally, MetLife Investment Management LLC boosted its position in California Resources by 53.7% during the first quarter. MetLife Investment Management LLC now owns 44,629 shares of the oil and gas producer’s stock valued at $1,996,000 after purchasing an additional 15,587 shares during the last quarter. 97.79% of the stock is owned by institutional investors.

California Resources Stock Down 2.4 %

Shares of CRC opened at $53.81 on Friday. The stock has a market capitalization of $3.70 billion, a PE ratio of 6.97 and a beta of 1.02. California Resources has a 1 year low of $37.21 and a 1 year high of $58.44. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51. The company’s 50-day simple moving average is $53.88 and its 200-day simple moving average is $52.68.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.08). The firm had revenue of $726.00 million during the quarter, compared to analyst estimates of $553.47 million. California Resources had a net margin of 20.14% and a return on equity of 17.57%. The firm’s revenue was up 6.5% compared to the same quarter last year. During the same period last year, the business earned $1.24 EPS. Analysts forecast that California Resources will post 4.57 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Tuesday, March 5th. California Resources’s payout ratio is currently 16.06%.

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.