California Resources (NYSE:CRC) Given Outperform Rating at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of California Resources (NYSE:CRC) in a research note released on Thursday,Benzinga reports. Royal Bank of Canada currently has a $68.00 price objective on the oil and gas producer’s stock.

A number of other research analysts also recently weighed in on the company. Barclays lowered their price target on California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Truist Financial assumed coverage on California Resources in a research note on Monday, January 13th. They set a “buy” rating and a $75.00 target price on the stock. JPMorgan Chase & Co. initiated coverage on shares of California Resources in a research report on Friday, December 20th. They issued a “neutral” rating and a $63.00 price target for the company. Finally, Capital One Financial raised shares of California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, California Resources currently has a consensus rating of “Moderate Buy” and an average price target of $66.92.

California Resources Price Performance

CRC stock opened at $44.23 on Thursday. California Resources has a one year low of $38.02 and a one year high of $60.41. The firm has a 50-day moving average of $46.62 and a two-hundred day moving average of $51.17. The firm has a market capitalization of $4.01 billion, a PE ratio of 6.96, a P/E/G ratio of 1.02 and a beta of 1.06. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.05). California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $877.00 million during the quarter, compared to analysts’ expectations of $901.36 million. On average, analysts forecast that California Resources will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were issued a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date was Monday, March 10th. California Resources’s dividend payout ratio is presently 37.71%.

Insider Transactions at California Resources

In other news, Director James N. Chapman bought 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were purchased at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the acquisition, the director now directly owns 43,445 shares of the company’s stock, valued at $1,712,601.90. The trade was a 4.83 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.03% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On California Resources

Large investors have recently made changes to their positions in the business. R Squared Ltd acquired a new stake in California Resources in the 4th quarter worth $31,000. Smartleaf Asset Management LLC grew its stake in shares of California Resources by 331.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock valued at $53,000 after purchasing an additional 812 shares during the period. Nisa Investment Advisors LLC raised its stake in California Resources by 71.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock worth $56,000 after acquiring an additional 454 shares in the last quarter. GAMMA Investing LLC increased its position in shares of California Resources by 22.8% during the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock worth $62,000 after purchasing an additional 222 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of California Resources during the third quarter worth approximately $70,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

About California Resources

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.