California Resources Corporation (NYSE:CRC) Receives Consensus Rating of “Moderate Buy” from Brokerages

California Resources Corporation (NYSE:CRC) has been given an average recommendation of “Moderate Buy” by the thirteen brokerages that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $64.3636.

CRC has been the topic of a number of recent research reports. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $56.00 target price (down from $58.00) on shares of California Resources in a report on Tuesday, December 9th. Mizuho raised their price objective on California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. UBS Group set a $64.00 price objective on California Resources and gave the company a “buy” rating in a research note on Friday, December 12th. Bank of America raised their target price on shares of California Resources from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Finally, Barclays upped their price target on shares of California Resources from $66.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th.

California Resources Price Performance

Shares of NYSE:CRC opened at $46.34 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $3.88 billion, a PE ratio of 10.78 and a beta of 1.15. The firm’s 50 day moving average price is $46.47 and its 200-day moving average price is $48.51. California Resources has a twelve month low of $30.97 and a twelve month high of $58.41.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.15. California Resources had a net margin of 10.60% and a return on equity of 11.59%. The business had revenue of $855.00 million during the quarter, compared to analysts’ expectations of $888.58 million. During the same period in the prior year, the company earned $1.50 earnings per share. The firm’s revenue was down 36.8% on a year-over-year basis. Equities research analysts expect that California Resources will post 3.85 EPS for the current year.

California Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a $0.405 dividend. The ex-dividend date of this dividend was Monday, December 1st. This represents a $1.62 annualized dividend and a yield of 3.5%. This is an increase from California Resources’s previous quarterly dividend of $0.39. California Resources’s payout ratio is currently 37.67%.

Hedge Funds Weigh In On California Resources

Hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC raised its stake in California Resources by 29.7% during the 3rd quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 219 shares during the period. Clearstead Advisors LLC grew its holdings in California Resources by 82.5% during the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after buying an additional 226 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of California Resources by 21.1% during the third quarter. Smartleaf Asset Management LLC now owns 1,353 shares of the oil and gas producer’s stock valued at $73,000 after buying an additional 236 shares during the last quarter. Xponance Inc. lifted its holdings in shares of California Resources by 4.7% in the third quarter. Xponance Inc. now owns 5,301 shares of the oil and gas producer’s stock worth $282,000 after buying an additional 237 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in shares of California Resources by 2.4% during the third quarter. Oregon Public Employees Retirement Fund now owns 16,364 shares of the oil and gas producer’s stock worth $870,000 after acquiring an additional 386 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.