California Resources Co. (NYSE:CRC) Receives $67.25 Average Target Price from Analysts

California Resources Co. (NYSE:CRC) has been given an average recommendation of “Moderate Buy” by the thirteen brokerages that are covering the company, Marketbeat.com reports. Two 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. The average 1-year target price among analysts that have issued a report on the stock in the last year is $67.08.

A number of brokerages have recently weighed in on CRC. Barclays reduced their price objective on shares of California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a report on Wednesday. TD Cowen lifted their price target on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Truist Financial assumed coverage on California Resources in a report on Monday, January 13th. They issued a “buy” rating and a $75.00 price objective on the stock. Capital One Financial upgraded California Resources to a “strong-buy” rating in a research note on Monday, December 9th. Finally, StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th.

Insider Buying and Selling

In other news, EVP Omar Hayat sold 16,016 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the transaction, the executive vice president now directly owns 30,940 shares in the company, valued at $1,707,269.20. The trade was a 34.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James N. Chapman purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were purchased at an average cost of $39.42 per share, with a total value of $78,840.00. Following the completion of the acquisition, the director now directly owns 43,445 shares of the company’s stock, valued at $1,712,601.90. This represents a 4.83 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of California Resources in the fourth quarter valued at approximately $1,475,000. GF Fund Management CO. LTD. acquired a new position in shares of California Resources during the 4th quarter worth $1,145,000. GTS Securities LLC purchased a new position in shares of California Resources in the 4th quarter valued at about $669,000. Sourcerock Group LLC lifted its stake in shares of California Resources by 6.5% in the fourth quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer’s stock valued at $56,298,000 after purchasing an additional 65,981 shares during the period. Finally, Squarepoint Ops LLC boosted its holdings in California Resources by 22.5% during the fourth quarter. Squarepoint Ops LLC now owns 25,297 shares of the oil and gas producer’s stock worth $1,313,000 after buying an additional 4,647 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Trading Up 1.6 %

CRC opened at $41.63 on Tuesday. 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 has a market capitalization of $3.80 billion, a price-to-earnings ratio of 6.56, a PEG ratio of 1.02 and a beta of 1.06. The business has a fifty day moving average price of $49.17 and a 200 day moving average price of $51.92. California Resources has a 12 month low of $38.02 and a 12 month high of $60.41.

California Resources (NYSE:CRC) last released its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share 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 firm had revenue of $877.00 million for the quarter, compared to analysts’ expectations of $901.36 million. Sell-side analysts expect that California Resources will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Monday, March 10th will be paid a dividend of $0.3875 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.55 annualized dividend and a dividend yield of 3.72%. California Resources’s dividend payout ratio (DPR) is 24.41%.

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.