California Resources Co. (NYSE:CRC) Receives $63.00 Consensus Target Price from Analysts

Shares of California Resources Co. (NYSE:CRC) have received an average recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $63.00.

A number of research firms have recently commented on CRC. Barclays began coverage on California Resources in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 price objective on shares of California Resources in a report on Wednesday, June 12th. Stifel Nicolaus increased their price objective on California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Finally, Mizuho upped their target price on California Resources from $63.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, May 13th.

California Resources Price Performance

Shares of NYSE CRC opened at $53.22 on Thursday. The stock’s 50-day moving average is $49.76 and its two-hundred day moving average is $51.83. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.29. California Resources has a 1-year low of $43.30 and a 1-year high of $58.44. The company has a market cap of $3.65 billion, a price-to-earnings ratio of 15.25, a price-to-earnings-growth ratio of 0.61 and a beta of 0.97.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.75 EPS for the quarter, beating 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 business had revenue of $454.00 million for the quarter, compared to the consensus estimate of $490.21 million. During the same quarter in the prior year, the business posted $2.63 EPS. The business’s revenue for the quarter was down 55.7% on a year-over-year basis. Analysts forecast that California Resources will post 4.44 EPS for the current fiscal year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were given a $0.31 dividend. The ex-dividend date was Friday, May 31st. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.33%. California Resources’s dividend payout ratio (DPR) is presently 35.53%.

Insiders Place Their Bets

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

Institutional Trading of California Resources

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in California Resources by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock worth $446,326,000 after acquiring an additional 344,043 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of California Resources by 6.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,299,902 shares of the oil and gas producer’s stock valued at $180,440,000 after buying an additional 190,588 shares during the period. LSV Asset Management lifted its holdings in shares of California Resources by 6.2% in the 4th quarter. LSV Asset Management now owns 3,125,466 shares of the oil and gas producer’s stock valued at $170,900,000 after buying an additional 182,246 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of California Resources by 71.9% in 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 period. Finally, American Century Companies Inc. lifted its holdings in shares of California Resources by 13.2% in the 3rd quarter. American Century Companies Inc. now owns 925,185 shares of the oil and gas producer’s stock valued at $51,820,000 after buying an additional 108,123 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

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.