California Resources Corporation (NYSE:CRC) Stock Has Average Target Price of $74.10

California Resources Corporation (NYSE:CRC) has received an average rating of “Moderate Buy” from the fourteen research firms that are covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $74.10.

A number of research analysts have recently issued reports on CRC shares. Seaport Research Partners began coverage on shares of California Resources in a research note on Thursday, September 3rd. They issued a “neutral” rating for the company. Wall Street Zen lowered California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Stifel Nicolaus began coverage on California Resources in a report on Thursday, September 10th. They set a “buy” rating and a $68.00 price target for the company. Stephens dropped their price target on California Resources from $93.00 to $91.00 and set an “overweight” rating for the company in a report on Friday, September 18th. Finally, Zacks Research upgraded California Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 26th.

California Resources Stock Performance

California Resources stock opened at $52.50 on Wednesday. The firm has a market capitalization of $4.66 billion, a P/E ratio of -38.60 and a beta of 1.02. The stock has a fifty day moving average price of $53.11 and a two-hundred day moving average price of $57.72. California Resources has a 52-week low of $43.24 and a 52-week high of $71.98. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.66 and a quick ratio of 0.56.

California Resources (NYSE:CRC) last issued its earnings results 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). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The firm had revenue of $1.30 billion during the quarter, compared to analyst estimates of $960.20 million. During the same quarter in the prior year, the firm posted $1.10 EPS. The firm’s revenue for the quarter was up 33.0% on a year-over-year basis. As a group, analysts anticipate that California Resources will post 3.89 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were given a dividend of $0.4050 per share. The ex-dividend date was Friday, September 4th. This represents a $1.62 annualized dividend and a yield of 3.1%. California Resources’s dividend payout ratio is -119.12%.

Insider Buying and Selling

In other California Resources news, EVP Jay Bys sold 11,907 shares of the firm’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president owned 135,610 shares in the company, valued at approximately $7,322,940. This trade represents a 8.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 35,721 shares of company stock worth $1,928,934. 0.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On California Resources

A number of institutional investors have recently modified their holdings of CRC. Valued Wealth Advisors LLC bought a new position in California Resources in the 1st quarter valued at $29,000. Rockefeller Capital Management L.P. increased its stake in shares of California Resources by 363.6% in the 4th 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 during the period. EMC Capital Management bought a new stake in shares of California Resources during the fourth quarter worth $42,000. EverSource Wealth Advisors LLC raised its position in shares of California Resources by 32.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,966 shares of the oil and gas producer’s stock worth $88,000 after acquiring an additional 479 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of California Resources during the second quarter valued at $109,000. 97.79% of the stock is owned by institutional investors.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent energy and carbon management company focused on developing and producing oil, natural gas and natural gas liquids. The company also pursues carbon capture and sequestration projects intended to reduce emissions from industrial activities while supporting California’s energy and environmental objectives.

CRC’s operations are concentrated in California, with assets spanning several of the state’s major oil-producing regions, including the San Joaquin, Los Angeles and Ventura basins.