California Resources (NYSE:CRC) Price Target Raised to $74.00 at TD Cowen

California Resources (NYSE:CRC) had its price objective upped by TD Cowen from $65.00 to $74.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the oil and gas producer’s stock.

A number of other analysts also recently commented on the company. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 price objective on shares of California Resources in a research report on Monday, August 12th. StockNews.com raised shares of California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Jefferies Financial Group started coverage on shares of California Resources in a research report on Thursday, October 24th. They set a “buy” rating and a $64.00 target price for the company. Finally, UBS Group began coverage on shares of California Resources in a research report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, California Resources has a consensus rating of “Moderate Buy” and an average target price of $66.40.

California Resources Stock Up 0.9 %

Shares of NYSE CRC opened at $58.56 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average price of $54.00 and a 200 day moving average price of $51.15. California Resources has a 52 week low of $43.09 and a 52 week high of $60.41. The stock has a market capitalization of $3.97 billion, a price-to-earnings ratio of 9.22, a price-to-earnings-growth ratio of 1.48 and a beta of 0.98.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company’s revenue for the quarter was up 194.1% on a year-over-year basis. During the same period last year, the firm earned $1.02 EPS. Equities research analysts anticipate that California Resources will post 3.42 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.3875 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a yield of 2.65%. California Resources’s dividend payout ratio (DPR) is currently 24.41%.

Insider Buying and Selling at California Resources

In related news, VP Noelle M. Repetti sold 8,770 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were 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. This represents a 50.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the completion of the transaction, the chief executive officer now owns 166,357 shares in the company, valued at approximately $8,181,437.26. This trade represents a 4.31 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 26,270 shares of company stock worth $1,387,778. Insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Lazard Asset Management LLC grew its holdings in shares of California Resources by 3.7% during the 1st quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock worth $390,000 after purchasing an additional 253 shares during the period. Price T Rowe Associates Inc. MD lifted its position in California Resources by 6.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 42,495 shares of the oil and gas producer’s stock valued at $2,342,000 after buying an additional 2,475 shares in the last quarter. Janus Henderson Group PLC grew its stake in California Resources by 2.2% during the first quarter. Janus Henderson Group PLC now owns 287,468 shares of the oil and gas producer’s stock worth $15,839,000 after buying an additional 6,312 shares during the period. Comerica Bank increased its position in shares of California Resources by 7.4% in the first quarter. Comerica Bank now owns 32,209 shares of the oil and gas producer’s stock worth $1,775,000 after acquiring an additional 2,208 shares in the last quarter. Finally, EMC Capital Management purchased a new position in shares of California Resources in the 1st quarter valued at $540,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

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.