Barclays Has Lowered Expectations for California Resources (NYSE:CRC) Stock Price

California Resources (NYSE:CRC) had its price target lowered by Barclays from $57.00 to $55.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has an equal weight rating on the oil and gas producer’s stock.

A number of other research firms also recently issued reports on CRC. TD Cowen increased their target price on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. started coverage on shares of California Resources in a report on Friday, December 20th. They set a “neutral” rating and a $63.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and set a $70.00 price target on shares of California Resources in a report on Tuesday, January 14th. Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a report on Monday, December 9th. Finally, Truist Financial started coverage on shares of California Resources in a report on Monday, January 13th. They set a “buy” rating and a $75.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, California Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.08.

California Resources Stock Up 1.6 %

CRC stock opened at $41.63 on Wednesday. California Resources has a 12-month low of $38.02 and a 12-month high of $60.41. 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 company has a market cap of $3.80 billion, a price-to-earnings ratio of 6.56, a PEG ratio of 1.02 and a beta of 1.06. The company has a 50 day moving average of $49.34 and a two-hundred day moving average of $51.96.

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

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Monday, March 10th will be issued a $0.3875 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.55 annualized dividend and a yield of 3.72%. California Resources’s dividend payout ratio (DPR) is presently 24.41%.

Insider Buying and Selling

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the sale, the executive vice president now directly owns 30,940 shares in the company, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James N. Chapman bought 2,000 shares of the firm’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 completion of the transaction, the director now owns 43,445 shares in the company, valued at $1,712,601.90. This represents a 4.83 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

Institutional investors have recently made changes to their positions in the business. GSA Capital Partners LLP acquired a new stake in shares of California Resources during the 3rd quarter valued at about $682,000. Swiss National Bank boosted its position in shares of California Resources by 12.7% during the 3rd quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer’s stock valued at $6,396,000 after acquiring an additional 13,700 shares in the last quarter. Geode Capital Management LLC boosted 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 valued at $83,583,000 after acquiring an additional 55,815 shares in the last quarter. Natixis Advisors LLC acquired a new stake in shares of California Resources during the 3rd quarter valued at about $579,000. Finally, State Street Corp lifted its holdings in California Resources by 5.1% during the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock valued at $181,021,000 after purchasing an additional 168,278 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

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.