California Resources Co. (NYSE:CRC) Receives $65.50 Average PT from Analysts

Shares of California Resources Co. (NYSE:CRC) have been assigned an average rating of “Moderate Buy” from the ten analysts that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $66.40.

A number of research analysts recently commented on the stock. Citigroup increased their target price on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Barclays upped their target price on California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. StockNews.com raised California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Finally, Stephens initiated coverage on California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective for the company.

California Resources Stock Down 0.2 %

California Resources stock opened at $58.47 on Friday. The stock has a market cap of $3.97 billion, a PE ratio of 9.21, a P/E/G ratio of 1.44 and a beta of 0.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The stock’s fifty day moving average is $54.25 and its two-hundred day moving average is $51.27. California Resources has a 1-year low of $43.09 and a 1-year high of $60.41.

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

California Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.3875 dividend. The ex-dividend date is Monday, December 2nd. This represents a $1.55 annualized dividend and a yield of 2.65%. California Resources’s dividend payout ratio is currently 24.41%.

Insider Transactions at California Resources

In other news, VP Noelle M. Repetti sold 8,770 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the sale, the vice president now directly owns 8,531 shares of the company’s stock, valued at $475,603.25. This trade represents a 50.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the transaction, the chief executive officer now directly owns 166,357 shares in the company, valued at $8,181,437.26. This represents a 4.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,270 shares of company stock worth $1,387,778. Company insiders own 0.63% of the company’s stock.

Institutional Trading of California Resources

A number of institutional investors have recently added to or reduced their stakes in CRC. GAMMA Investing LLC lifted its position in shares of California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after acquiring an additional 371 shares during the period. Point72 DIFC Ltd purchased a new position in California Resources in the 3rd quarter valued at approximately $70,000. KBC Group NV raised its holdings in California Resources by 29.1% during the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after purchasing an additional 431 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in California Resources by 9.4% in the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock valued at $169,000 after purchasing an additional 276 shares during the last quarter. Finally, Atria Investments Inc purchased a new position in shares of California Resources in the third quarter valued at $209,000. Hedge funds and other 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.