California Resources Corporation (NYSE:CRC) Receives $66.90 Average PT from Brokerages

Shares of California Resources Corporation (NYSE:CRC) have been given a consensus rating of “Moderate Buy” by the fifteen analysts that are presently covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $69.80.

A number of research firms recently issued reports on CRC. UBS Group raised their price target on California Resources from $63.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Wells Fargo & Company upped their price objective on California Resources from $72.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday. TD Cowen raised California Resources to a “strong-buy” rating in a research report on Monday, February 9th. Royal Bank Of Canada set a $70.00 target price on California Resources in a research note on Monday, January 5th. Finally, Zacks Research raised California Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, February 19th.

California Resources Stock Up 1.0%

Shares of NYSE:CRC opened at $63.53 on Friday. The stock has a market cap of $5.64 billion, a P/E ratio of 15.57 and a beta of 1.12. The firm has a fifty day moving average price of $56.23 and a 200 day moving average price of $51.29. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.89 and a quick ratio of 0.79. California Resources has a 1-year low of $30.97 and a 1-year high of $66.35.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). California Resources had a net margin of 9.89% and a return on equity of 10.23%. The business had revenue of $924.00 million during the quarter, compared to analyst estimates of $789.67 million. During the same quarter in the prior year, the firm posted $0.91 earnings per share. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. Sell-side analysts predict that California Resources will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 13th were given a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, March 13th. California Resources’s dividend payout ratio (DPR) is 39.71%.

Insider Activity

In other California Resources news, VP Noelle M. Repetti sold 8,564 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $63.71, for a total transaction of $545,612.44. Following the completion of the transaction, the vice president owned 7,684 shares in the company, valued at approximately $489,547.64. This represents a 52.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Omar Hayat sold 23,000 shares of the firm’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $65.87, for a total transaction of $1,515,010.00. Following the completion of the sale, the chief operating officer owned 82,236 shares of the company’s stock, valued at $5,416,885.32. This trade represents a 21.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 72,283 shares of company stock valued at $4,636,646. 0.03% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On California Resources

A number of institutional investors have recently added to or reduced their stakes in the business. Clearstead Advisors LLC increased its position 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 worth $27,000 after purchasing an additional 226 shares during the period. Salomon & Ludwin LLC acquired a new stake in shares of California Resources in the 3rd quarter valued at approximately $29,000. Rockefeller Capital Management L.P. boosted its stake in shares of California Resources by 363.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 440 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in shares of California Resources in the fourth quarter valued at approximately $26,000. Finally, Pinnacle Holdings LLC acquired a new position in California Resources during the fourth quarter worth $27,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Company Profile

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.