Analysts Set California Resources Co. (NYSE:CRC) Price Target at $62.71

California Resources Co. (NYSE:CRC) has been given a consensus recommendation of “Moderate Buy” by the seven analysts that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $62.71.

Several brokerages have recently weighed in on CRC. Stifel Nicolaus increased their target price on shares of California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Barclays assumed coverage on California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 target price on the stock. Citigroup began coverage on shares of California Resources in a research note on Friday, July 19th. They set a “buy” rating and a $63.00 price target for the company. Mizuho raised their price target on California Resources from $63.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price target on shares of California Resources in a research report on Wednesday, June 12th.

Insiders Place Their Bets

In other news, Director Mark Allen Mcfarland sold 37,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $48.10, for a total transaction of $1,779,700.00. Following the sale, the director now directly owns 104,939 shares of the company’s stock, valued at $5,047,565.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.03% of the stock is owned by insiders.

Institutional Trading of California Resources

Several institutional investors and hedge funds have recently bought and sold shares of CRC. Wellington Management Group LLP acquired a new stake in shares of California Resources in the third quarter worth $1,824,000. Public Employees Retirement System of Ohio grew its position in California Resources by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 44,054 shares of the oil and gas producer’s stock worth $2,467,000 after purchasing an additional 242 shares during the period. Pacer Advisors Inc. raised its stake in shares of California Resources by 71.9% during the 4th quarter. Pacer Advisors Inc. now owns 1,965,476 shares of the oil and gas producer’s stock valued at $107,472,000 after buying an additional 821,827 shares during the last quarter. DAVENPORT & Co LLC boosted its position in California Resources by 179.8% in the 4th quarter. DAVENPORT & Co LLC now owns 420,946 shares of the oil and gas producer’s stock worth $23,127,000 after purchasing an additional 270,508 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in California Resources by 638.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 89,784 shares of the oil and gas producer’s stock valued at $4,909,000 after buying an additional 77,628 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Trading Up 1.5 %

Shares of NYSE CRC opened at $51.12 on Monday. California Resources has a 1-year low of $43.30 and a 1-year high of $58.44. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.29. The business’s 50 day moving average is $49.75 and its two-hundred day moving average is $51.59. The stock has a market capitalization of $3.50 billion, a P/E ratio of 14.65, a PEG ratio of 0.85 and a beta of 0.98.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.17. California Resources had a return on equity of 11.00% and a net margin of 11.34%. The firm had revenue of $454.00 million during the quarter, compared to analysts’ expectations of $490.21 million. During the same quarter in the previous year, the business earned $2.63 EPS. The company’s quarterly revenue was down 55.7% on a year-over-year basis. As a group, research analysts expect that California Resources will post 4.99 EPS for the current year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend was Friday, May 31st. California Resources’s payout ratio is currently 35.53%.

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.