Analysts Set California Resources Co. (NYSE:CRC) PT at $63.00

Shares of California Resources Co. (NYSE:CRC) have been given a consensus rating of “Moderate Buy” by the eight analysts that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $63.00.

A number of research firms have weighed in on CRC. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. TD Cowen assumed coverage on shares of California Resources in a report on Friday, August 2nd. They set a “buy” rating and a $65.00 price target on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price objective on shares of California Resources in a research note on Monday, August 12th. Citigroup upped their target price on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Finally, Barclays decreased their price target on California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th.

California Resources Trading Up 0.8 %

Shares of California Resources stock opened at $48.78 on Tuesday. California Resources has a twelve month low of $43.09 and a twelve month high of $58.44. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. The business has a 50-day moving average price of $50.14 and a 200-day moving average price of $51.15. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 1.18 and a beta of 0.98.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.36). California Resources had a return on equity of 11.27% and a net margin of 7.61%. The business had revenue of $514.00 million during the quarter, compared to the consensus estimate of $477.07 million. During the same quarter in the prior year, the firm posted $0.53 EPS. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. Equities research analysts anticipate that California Resources will post 3.45 EPS for the current fiscal year.

California Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be issued a $0.3875 dividend. The ex-dividend date of this dividend is Friday, August 30th. This is an increase from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 dividend on an annualized basis and a yield of 3.18%. California Resources’s payout ratio is currently 44.41%.

Insider Transactions at California Resources

In other California Resources news, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the transaction, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Christian S. Kendall acquired 20,895 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the transaction, the director now directly owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now directly owns 166,357 shares in the company, valued at approximately $8,181,437.26. The disclosure for this sale can be found here. Insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

Large investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of California Resources by 10.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 840,076 shares of the oil and gas producer’s stock valued at $45,935,000 after acquiring an additional 76,172 shares during the last quarter. Dimensional Fund Advisors LP grew its position in California Resources by 6.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,299,902 shares of the oil and gas producer’s stock worth $180,440,000 after purchasing an additional 190,588 shares during the period. ARGA Investment Management LP raised its stake in shares of California Resources by 162.6% during the 4th quarter. ARGA Investment Management LP now owns 28,100 shares of the oil and gas producer’s stock valued at $1,537,000 after buying an additional 17,399 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of California Resources by 92.4% in the 4th quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock valued at $82,000 after buying an additional 722 shares during the period. Finally, Franklin Resources Inc. boosted its stake in shares of California Resources by 26.7% in the fourth quarter. Franklin Resources Inc. now owns 22,371 shares of the oil and gas producer’s stock worth $1,223,000 after buying an additional 4,720 shares during the last quarter. Hedge funds and other institutional investors 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.