California Resources’ (CRC) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of California Resources (NYSE:CRC) in a report issued on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a $65.00 price objective on the oil and gas producer’s stock.

Other equities analysts also recently issued research reports about the company. Barclays started coverage on California Resources in a research report on Wednesday, April 10th. They issued an equal weight rating and a $62.00 price objective on the stock. Mizuho lifted their price objective on shares of California Resources from $63.00 to $64.00 and gave the company a buy rating in a report on Monday, May 13th. Finally, Stifel Nicolaus raised their target price on shares of California Resources from $68.00 to $69.00 and gave the stock a buy rating in a research report on Tuesday, April 23rd. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, California Resources presently has a consensus rating of Moderate Buy and an average price target of $63.00.

California Resources Trading Down 0.6 %

California Resources stock opened at $48.73 on Wednesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.29. The firm’s 50 day moving average price is $50.65 and its 200-day moving average price is $51.79. California Resources has a 1 year low of $42.17 and a 1 year high of $58.44. The stock has a market cap of $3.34 billion, a P/E ratio of 13.96, a PEG ratio of 0.57 and a beta of 0.97.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.17. The business had revenue of $454.00 million for the quarter, compared to analysts’ expectations of $490.21 million. California Resources had a return on equity of 11.00% and a net margin of 11.34%. The company’s revenue for the quarter was down 55.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.63 EPS. On average, equities analysts predict that California Resources will post 4.44 earnings per share for the current fiscal year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were issued a $0.31 dividend. The ex-dividend date of this dividend was Friday, May 31st. This represents a $1.24 annualized dividend and a yield of 2.54%. California Resources’s dividend payout ratio (DPR) is presently 35.53%.

Insider Transactions at California Resources

In related news, Director Mark Allen Mcfarland sold 37,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total transaction of $1,779,700.00. Following the sale, the director now directly owns 104,939 shares of the company’s stock, valued at $5,047,565.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

Large investors have recently added to or reduced their stakes in the stock. Headlands Technologies LLC acquired a new stake in California Resources in the 3rd quarter valued at about $45,000. TFO Wealth Partners LLC boosted its position in shares of California Resources by 67,800.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock valued at $74,000 after acquiring an additional 1,356 shares during the last quarter. Quadrant Capital Group LLC increased its position 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 worth $82,000 after purchasing an additional 722 shares during the last quarter. PNC Financial Services Group Inc. raised 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 worth $134,000 after purchasing an additional 865 shares during the period. Finally, iA Global Asset Management Inc. acquired a new position in California Resources in the 3rd quarter valued at about $211,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

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.