California Resources (NYSE:CRC) Price Target Lowered to $55.00 at Barclays

California Resources (NYSE:CRC) had its target price reduced by Barclays from $57.00 to $55.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the oil and gas producer’s stock.

Several other brokerages have also issued reports on CRC. JPMorgan Chase & Co. began coverage on shares of California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 target price for the company. Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a research report on Monday, December 9th. TD Cowen boosted their target price on shares of California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $70.00 target price on shares of California Resources in a research report on Tuesday, January 14th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $67.08.

California Resources Stock Performance

Shares of CRC stock opened at $40.37 on Wednesday. The company has a 50 day moving average price of $49.55 and a 200-day moving average price of $52.04. California Resources has a 52 week low of $38.02 and a 52 week high of $60.41. The firm has a market capitalization of $3.69 billion, a PE ratio of 6.36, a P/E/G ratio of 1.02 and a beta of 1.06. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company had revenue of $877.00 million during the quarter, compared to the consensus estimate of $901.36 million. As a group, equities research analysts expect that California Resources will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Monday, March 10th will be issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend is Monday, March 10th. California Resources’s dividend payout ratio (DPR) is presently 24.41%.

Insider Transactions at California Resources

In related news, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 30,940 shares of the company’s stock, valued at $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

A number of hedge funds have recently bought and sold shares of the business. R Squared Ltd purchased a new stake in shares of California Resources in the fourth quarter valued at $31,000. Smartleaf Asset Management LLC raised its stake in shares of California Resources by 331.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock valued at $53,000 after acquiring an additional 812 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of California Resources by 71.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after acquiring an additional 454 shares during the period. GAMMA Investing LLC raised its stake in shares of California Resources by 22.8% in the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock valued at $62,000 after acquiring an additional 222 shares during the period. Finally, Point72 DIFC Ltd purchased a new stake in shares of California Resources in the third quarter valued at $70,000. 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.