California Resources (NYSE:CRC) Price Target Raised to $69.00

California Resources (NYSE:CRC) had its price target lifted by Stifel Nicolaus from $68.00 to $69.00 in a report issued on Tuesday, Benzinga reports. Stifel Nicolaus currently has a buy rating on the oil and gas producer’s stock.

A number of other analysts also recently commented on the company. Royal Bank of Canada reaffirmed an outperform rating and set a $70.00 price target on shares of California Resources in a research report on Wednesday, March 6th. Barclays assumed coverage on California Resources in a research report on Wednesday, April 10th. They issued an equal weight rating and a $62.00 target price for the company. Mizuho decreased their target price on California Resources from $69.00 to $63.00 and set a buy rating for the company in a research report on Friday, March 22nd. Finally, Bank of America downgraded California Resources from a buy rating to a neutral rating and decreased their target price for the stock from $64.00 to $60.00 in a research report on Friday, January 5th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $63.57.

California Resources Stock Performance

Shares of CRC opened at $55.26 on Tuesday. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $3.80 billion, a price-to-earnings ratio of 7.16 and a beta of 1.02. The stock has a 50 day moving average of $54.09 and a 200 day moving average of $52.74. California Resources has a 12 month low of $37.21 and a 12 month high of $58.44.

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

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend was Tuesday, March 5th. California Resources’s dividend payout ratio (DPR) is presently 16.06%.

Hedge Funds Weigh In On California Resources

Hedge funds have recently made changes to their positions in the stock. Headlands Technologies LLC purchased a new position in shares of California Resources in the third quarter valued at $45,000. TFO Wealth Partners LLC boosted its stake in California Resources by 67,800.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock valued at $74,000 after buying an additional 1,356 shares during the period. Quadrant Capital Group LLC boosted its stake in California Resources by 92.4% during the fourth quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock valued at $82,000 after buying an additional 722 shares during the period. PNC Financial Services Group Inc. boosted its stake in California Resources by 56.5% during the third quarter. PNC Financial Services Group Inc. now owns 2,397 shares of the oil and gas producer’s stock valued at $134,000 after buying an additional 865 shares during the period. Finally, Assetmark Inc. boosted its stake in California Resources by 16.3% during the third quarter. Assetmark Inc. now owns 2,525 shares of the oil and gas producer’s stock valued at $141,000 after buying an additional 353 shares during the period. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

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.