California Resources Co. (NYSE:CRC) Given Average Rating of “Moderate Buy” by Brokerages

Shares of California Resources Co. (NYSE:CRC) have been assigned a consensus recommendation of “Moderate Buy” from the seven research firms that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $63.00.

A number of equities research analysts have weighed in on the stock. Mizuho boosted their target price on shares of California Resources from $63.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 target price on shares of California Resources in a report on Wednesday, June 12th. Barclays assumed coverage on California Resources in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price target for the company. Finally, Stifel Nicolaus increased their price objective on shares of California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd.

California Resources Trading Down 1.3 %

California Resources stock opened at $52.54 on Thursday. California Resources has a one year low of $43.30 and a one year high of $58.44. The business’s fifty day moving average is $49.71 and its 200 day moving average is $51.85. The stock has a market capitalization of $3.60 billion, a PE ratio of 15.05, a price-to-earnings-growth ratio of 0.61 and a beta of 0.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.29.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.17. California Resources had a net margin of 11.34% and a return on equity of 11.00%. The firm had revenue of $454.00 million for the quarter, compared to the consensus estimate of $490.21 million. During the same quarter last year, the firm posted $2.63 EPS. The business’s quarterly revenue was down 55.7% compared to the same quarter last year. On average, sell-side analysts predict that California Resources will post 4.44 EPS for the current year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date was Friday, May 31st. California Resources’s payout ratio is 35.53%.

Insiders Place Their Bets

In other California Resources news, Director Mark Allen Mcfarland sold 37,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total value of $1,779,700.00. Following the completion of the sale, the director now owns 104,939 shares in the company, valued at approximately $5,047,565.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.63% of the company’s stock.

Institutional Investors Weigh In On California Resources

Several institutional investors and hedge funds have recently modified their holdings of CRC. 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 last quarter. Quadrant Capital Group LLC raised its holdings in shares of California Resources by 92.4% during the 4th quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock worth $82,000 after acquiring an additional 722 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of California Resources by 56.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,397 shares of the oil and gas producer’s stock valued at $134,000 after acquiring an additional 865 shares during the last quarter. iA Global Asset Management Inc. purchased a new position in shares of California Resources in the third quarter valued at $211,000. Finally, Profund Advisors LLC bought a new stake in California Resources in the third quarter worth $213,000. Institutional investors own 97.79% of the company’s stock.

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.