California Resources Co. (NYSE:CRC) Given Average Rating of “Moderate Buy” by Brokerages

Shares of California Resources Co. (NYSE:CRC) have received a consensus rating of “Moderate Buy” from the twelve ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $66.09.

Several equities research analysts recently weighed in on CRC shares. TD Cowen upped their price objective on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Jefferies Financial Group began coverage on shares of California Resources in a research note on Thursday, October 24th. They issued a “buy” rating and a $64.00 price target for the company. JPMorgan Chase & Co. started coverage on shares of California Resources in a research note on Friday, December 20th. They set a “neutral” rating and a $63.00 price objective on the stock. StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Finally, Capital One Financial upgraded California Resources to a “strong-buy” rating in a research report on Monday, December 9th.

California Resources Price Performance

Shares of NYSE:CRC opened at $52.78 on Monday. The firm’s 50 day moving average is $54.89 and its two-hundred day moving average is $52.48. The firm has a market capitalization of $4.82 billion, a P/E ratio of 8.31, a PEG ratio of 1.35 and a beta of 1.05. 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 52 week low of $43.09 and a 52 week high of $60.41.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, beating the consensus estimate of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $973.13 million. During the same period last year, the firm earned $1.02 EPS. The firm’s revenue was up 194.1% compared to the same quarter last year. Analysts anticipate that California Resources will post 3.58 earnings per share for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a yield of 2.94%. The ex-dividend date was Monday, December 2nd. California Resources’s payout ratio is 24.41%.

Insider Activity

In other news, EVP Omar Hayat sold 16,016 shares of the 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 sale, the executive vice president now directly 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. Also, VP Noelle M. Repetti sold 8,770 shares of the business’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 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 $475,603.25. This trade represents a 50.69 % decrease in their position. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On California Resources

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC raised 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 last quarter. Point72 DIFC Ltd acquired a new position in California Resources in the third quarter valued at about $70,000. KBC Group NV boosted 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 buying an additional 431 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in California Resources by 9.4% during the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after buying an additional 276 shares during the last quarter. Finally, Atria Investments Inc bought a new stake in shares of California Resources in the 3rd quarter valued at about $209,000. Institutional investors and hedge funds 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.