California Resources Co. (NYSE:CRC) Receives $66.09 Average Price Target from Brokerages

California Resources Co. (NYSE:CRC) has been given a consensus rating of “Moderate Buy” by the thirteen ratings firms that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $67.25.

CRC has been the subject of several research analyst reports. TD Cowen raised their price target on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. UBS Group initiated coverage on California Resources in a research report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price for the company. JPMorgan Chase & Co. started coverage on California Resources in a research note on Friday, December 20th. They issued a “neutral” rating and a $63.00 target price on the stock. Jefferies Financial Group initiated coverage on California Resources in a report on Thursday, October 24th. They issued a “buy” rating and a $64.00 price objective for the company. Finally, Barclays upped their price objective on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd.

California Resources Stock Performance

Shares of CRC opened at $53.65 on Monday. The stock has a 50 day moving average of $54.75 and a 200 day moving average of $52.52. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. California Resources has a 12 month low of $43.09 and a 12 month high of $60.41. The company has a market capitalization of $4.90 billion, a price-to-earnings ratio of 8.45, a PEG ratio of 1.21 and a beta of 1.05.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. During the same period in the previous year, the firm earned $1.02 EPS. The firm’s quarterly revenue was up 194.1% on a year-over-year basis. As a group, sell-side analysts forecast that California Resources will post 3.66 earnings per share for the current year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend was Monday, December 2nd. California Resources’s payout ratio is 24.41%.

Insider Transactions at California Resources

In other news, VP Noelle M. Repetti sold 8,770 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the transaction, the vice president now owns 8,531 shares of the company’s stock, valued at approximately $475,603.25. The trade was a 50.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the sale, the executive vice president now directly owns 30,940 shares in the company, valued at $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.63% of the company’s stock.

Hedge Funds Weigh In On California Resources

A number of institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. grew its position in California Resources by 2,615.2% in the second quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer’s stock worth $44,865,000 after acquiring an additional 811,963 shares in the last quarter. Samlyn Capital LLC purchased a new position in shares of California Resources in the 2nd quarter worth about $28,566,000. Weiss Asset Management LP bought a new position in shares of California Resources during the 3rd quarter valued at about $28,043,000. American Century Companies Inc. increased its position in shares of California Resources by 18.1% during the 2nd quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock valued at $86,825,000 after purchasing an additional 250,367 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of 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 buying an additional 168,278 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

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.