Analysts Set California Resources Co. (NYSE:CRC) PT at $66.40

Shares of California Resources Co. (NYSE:CRC) have earned an average rating of “Moderate Buy” from the twelve ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $66.09.

A number of analysts recently weighed in on CRC shares. Stephens assumed coverage on shares of California Resources in a report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price on the stock. StockNews.com raised shares of California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Barclays lifted their price objective on California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. Jefferies Financial Group started coverage on California Resources in a research note on Thursday, October 24th. They issued a “buy” rating and a $64.00 target price on the stock. Finally, UBS Group started coverage on California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price target on the stock.

Insiders Place Their Bets

In related news, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction on Wednesday, November 6th. The shares were 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 in the company, valued at $475,603.25. This trade represents a 50.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the sale, the executive vice president now owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. The trade was a 34.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.03% of the stock is owned by insiders.

Hedge Funds Weigh In On California Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its position in California Resources by 61.5% in the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 371 shares during the last quarter. Point72 DIFC Ltd purchased a new position in shares of California Resources in the third quarter worth $70,000. KBC Group NV raised its holdings in California Resources by 29.1% during the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after buying an additional 431 shares during the last quarter. Farther Finance Advisors LLC boosted its position in California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock valued at $169,000 after buying an additional 276 shares during the period. Finally, Atria Investments Inc bought a new stake in California Resources in the 3rd quarter worth $209,000. 97.79% of the stock is currently owned by institutional investors.

California Resources Price Performance

California Resources stock opened at $50.56 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources has a one year low of $43.09 and a one year high of $60.41. The firm has a market capitalization of $4.62 billion, a P/E ratio of 7.96, a PEG ratio of 1.35 and a beta of 1.01. The business has a fifty day moving average price of $55.02 and a 200-day moving average price of $52.10.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. During the same quarter in the previous year, the firm earned $1.02 EPS. The company’s quarterly revenue was up 194.1% compared to the same quarter last year. As a group, equities research analysts forecast that California Resources will post 3.58 EPS for the current year.

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a dividend of $0.3875 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.07%. California Resources’s dividend payout ratio is 24.41%.

California Resources Company Profile

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.