California Resources (NYSE:CRC) Price Target Raised to $74.00 at TD Cowen

California Resources (NYSE:CRC) had its price objective boosted by TD Cowen from $65.00 to $74.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the oil and gas producer’s stock.

Several other research analysts have also weighed in on the company. StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Citigroup increased their price objective on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. UBS Group began coverage on California Resources in a research report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price objective for the company. Jefferies Financial Group began coverage on California Resources in a research note on Thursday, October 24th. They set a “buy” rating and a $64.00 price target on the stock. Finally, Stephens began coverage on California Resources in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price target on the stock. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $66.40.

California Resources Price Performance

CRC stock opened at $58.47 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The business has a 50 day simple moving average of $54.25 and a 200-day simple moving average of $51.27. The firm has a market capitalization of $3.97 billion, a PE ratio of 9.21, a price-to-earnings-growth ratio of 1.44 and a beta of 0.98. California Resources has a 1 year low of $43.09 and a 1 year high of $60.41.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business’s revenue was up 194.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.02 earnings per share. Equities research analysts anticipate that California Resources will post 3.42 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 2.65%. The ex-dividend date is Monday, December 2nd. California Resources’s payout ratio is currently 24.41%.

Insider Activity

In related news, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total value of $488,927.50. Following the transaction, the vice president now owns 8,531 shares of the company’s stock, valued at $475,603.25. This represents a 50.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Francisco Leon sold 7,500 shares of the 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 completion of the transaction, the chief executive officer now directly owns 166,357 shares in the company, valued at $8,181,437.26. This trade represents a 4.31 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,270 shares of company stock worth $1,387,778. Corporate insiders own 0.63% of the company’s stock.

Hedge Funds Weigh In On California Resources

Large investors have recently bought and sold shares of the business. GSA Capital Partners LLP purchased a new position in California Resources in the third quarter valued at $682,000. Quest Partners LLC purchased a new position in California Resources in the third quarter valued at $499,000. Interval Partners LP purchased a new position in California Resources in the second quarter valued at $2,213,000. Swiss National Bank increased its holdings in California Resources by 12.7% in the third quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer’s stock valued at $6,396,000 after buying an additional 13,700 shares during the last quarter. Finally, Vest Financial LLC increased its holdings in California Resources by 38.4% in the second quarter. Vest Financial LLC now owns 470,694 shares of the oil and gas producer’s stock valued at $25,050,000 after buying an additional 130,526 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.