California Resources Co. (NYSE:CRC) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

California Resources Co. (NYSE:CRC) has been given an average recommendation of “Moderate Buy” by the seven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $63.43.

Several analysts recently commented on the stock. Barclays began coverage on shares of California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price objective for the company. Bank of America cut shares of California Resources from a “buy” rating to a “neutral” rating and dropped their target price for the company from $64.00 to $60.00 in a report on Friday, January 5th. Stifel Nicolaus decreased their price target on California Resources from $72.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of California Resources in a research note on Wednesday, March 6th. Finally, Mizuho reduced their price objective on California Resources from $69.00 to $63.00 and set a “buy” rating for the company in a report on Friday, March 22nd.

California Resources Stock Performance

Shares of CRC stock opened at $54.43 on Friday. 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 stock has a 50 day simple moving average of $53.92 and a 200-day simple moving average of $52.69. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 7.05 and a beta of 1.02. California Resources has a 12-month low of $37.21 and a 12-month high of $58.44.

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

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 18th. Shareholders 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 2.28%. 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

Institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC boosted its stake in shares of California Resources by 21.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 109,269 shares of the oil and gas producer’s stock valued at $6,021,000 after acquiring an additional 19,485 shares during the last quarter. Hennessy Advisors Inc. boosted its stake in shares of California Resources by 14.1% during the 1st quarter. Hennessy Advisors Inc. now owns 432,200 shares of the oil and gas producer’s stock worth $23,814,000 after purchasing an additional 53,400 shares during the last quarter. Cim LLC acquired a new stake in shares of California Resources during the 4th quarter worth about $494,000. Price T Rowe Associates Inc. MD grew its holdings in shares of California Resources by 2.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 40,020 shares of the oil and gas producer’s stock worth $2,189,000 after buying an additional 1,083 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in shares of California Resources by 0.6% in the fourth quarter. Public Employees Retirement System of Ohio now owns 44,321 shares of the oil and gas producer’s stock valued at $2,423,000 after buying an additional 267 shares during the last quarter. 97.79% of the stock is 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.