California Resources Co. (NYSE:CRC) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of California Resources Co. (NYSE:CRC) have earned a consensus rating of “Moderate Buy” from the thirteen research firms that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $66.92.

A number of equities research analysts have recently issued reports on the stock. Barclays reduced their price target on shares of California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. JPMorgan Chase & Co. began coverage on California Resources in a research report on Friday, December 20th. They issued a “neutral” rating and a $63.00 target price on the stock. Capital One Financial upgraded California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Royal Bank of Canada reiterated an “outperform” rating and issued a $68.00 price objective on shares of California Resources in a report on Thursday, March 27th. Finally, Truist Financial started coverage on California Resources in a research report on Monday, January 13th. They issued a “buy” rating and a $75.00 target price for the company.

Insider Buying and Selling at California Resources

In other California Resources news, Director James N. Chapman acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were acquired at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the acquisition, the director now owns 43,445 shares in the company, valued at $1,712,601.90. The trade was a 4.83 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.03% of the stock is owned by insiders.

Hedge Funds Weigh In On California Resources

Several hedge funds have recently added to or reduced their stakes in CRC. Geode Capital Management LLC lifted its position in shares of California Resources by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after buying an additional 55,815 shares during the last quarter. Natixis Advisors LLC purchased a new stake in California Resources in the third quarter valued at $579,000. State Street Corp boosted its stake in California Resources by 5.1% in the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock valued at $181,021,000 after acquiring an additional 168,278 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of California Resources by 8.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock worth $51,116,000 after purchasing an additional 75,606 shares during the last quarter. Finally, Citigroup Inc. increased its position in shares of California Resources by 24.7% during the third quarter. Citigroup Inc. now owns 113,038 shares of the oil and gas producer’s stock worth $5,931,000 after purchasing an additional 22,405 shares in the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Stock Up 0.6 %

NYSE CRC opened at $45.56 on Friday. The business’s fifty day simple moving average is $45.87 and its 200-day simple moving average is $51.08. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The firm has a market cap of $4.13 billion, a PE ratio of 7.17, a P/E/G ratio of 1.02 and a beta of 1.03. California Resources has a 52 week low of $38.02 and a 52 week high of $60.41.

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

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were paid a dividend of $0.3875 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.40%. California Resources’s payout ratio is currently 37.71%.

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.