California Resources Corporation (NYSE:CRC) Stock Has Consensus Target Price of $74.44

California Resources Corporation (NYSE:CRC) has received a consensus recommendation of “Moderate Buy” from the thirteen analysts that are presently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $74.44.

Several research analysts have recently weighed in on CRC shares. Barclays set a $74.00 price target on shares of California Resources and gave the stock an “overweight” rating in a report on Monday, August 17th. Zacks Research upgraded California Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 26th. UBS Group reissued a “buy” rating and set a $68.00 price objective (down from $73.00) on shares of California Resources in a research note on Monday, October 12th. Weiss Ratings upgraded California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 11th. Finally, Roth Capital restated a “buy” rating and issued a $59.00 target price (up from $58.00) on shares of California Resources in a research note on Thursday, September 17th.

California Resources Trading Up 1.6%

Shares of California Resources stock opened at $55.55 on Friday. California Resources has a 12-month low of $43.24 and a 12-month high of $71.98. The company has a market cap of $4.93 billion, a price-to-earnings ratio of -40.85 and a beta of 1.02. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 0.38. The company’s 50-day moving average price is $53.63 and its 200-day moving average price is $56.92.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.37). The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $960.20 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. California Resources’s revenue was up 33.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.10 EPS. On average, equities analysts expect that California Resources will post 4.30 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were paid a $0.4050 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Friday, September 4th. California Resources’s dividend payout ratio (DPR) is currently -119.12%.

Insider Transactions at California Resources

In other California Resources news, EVP Jay Bys sold 11,907 shares of the business’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the transaction, the executive vice president owned 123,703 shares of the company’s stock, valued at $6,679,962. The trade was a 8.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,721 shares of company stock worth $1,928,934 in the last three months. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On California Resources

A number of institutional investors have recently made changes to their positions in the stock. Rockefeller Capital Management L.P. grew its position in California Resources by 363.6% during 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 acquiring an additional 440 shares during the last quarter. Valued Wealth Advisors LLC purchased a new position in shares of California Resources in the first quarter valued at about $29,000. Fortitude Family Office LLC raised its stake in shares of California Resources by 1,073.6% during the third quarter. Fortitude Family Office LLC now owns 2,089 shares of the oil and gas producer’s stock valued at $106,000 after acquiring an additional 1,911 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of California Resources during the second quarter valued at about $109,000. Finally, Farther Finance Advisors LLC raised its stake in shares of California Resources by 56.7% during the second quarter. Farther Finance Advisors LLC now owns 2,086 shares of the oil and gas producer’s stock valued at $110,000 after acquiring an additional 755 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent energy company focused on the exploration, development and production of oil and natural gas in California. Its operations are concentrated in the state’s San Joaquin and Los Angeles basins, where the company produces crude oil, natural gas and natural gas liquids for industrial, commercial and transportation markets.

In addition to conventional oil and gas production, California Resources is developing carbon-management projects through its Carbon TerraVault business.