California Resources (NYSE:CRC) Now Covered by Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of California Resources (NYSE:CRC) in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $64.00 price objective on the oil and gas producer’s stock.

A number of other brokerages have also issued reports on CRC. TD Cowen initiated coverage on California Resources in a research report on Friday, August 2nd. They set a “buy” rating and a $65.00 target price on the stock. Citigroup lifted their price objective on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Stephens initiated coverage on California Resources in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price for the company. Barclays lifted their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. Finally, UBS Group assumed coverage on shares of California Resources in a research note on Wednesday, October 16th. They set a “buy” rating and a $68.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, California Resources has a consensus rating of “Moderate Buy” and an average target price of $65.50.

California Resources Stock Down 1.3 %

NYSE CRC opened at $52.44 on Thursday. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. California Resources has a fifty-two week low of $43.09 and a fifty-two week high of $57.88. The business has a 50 day moving average price of $51.62 and a two-hundred day moving average price of $50.80. The stock has a market cap of $3.59 billion, a PE ratio of 15.03, a P/E/G ratio of 1.27 and a beta of 0.98.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.36). California Resources had a net margin of 7.61% and a return on equity of 11.27%. The firm had revenue of $514.00 million during the quarter, compared to analysts’ expectations of $477.07 million. During the same quarter last year, the company posted $0.53 earnings per share. California Resources’s revenue for the quarter was down 13.0% compared to the same quarter last year. As a group, sell-side analysts predict that California Resources will post 3.45 EPS for the current fiscal year.

California Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend was Friday, August 30th. This is an increase from California Resources’s previous quarterly dividend of $0.31. California Resources’s dividend payout ratio is currently 44.41%.

Insiders Place Their Bets

In related news, Director Christian S. Kendall bought 20,895 shares of the stock in a transaction dated Tuesday, August 13th. The stock was bought at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the acquisition, the director now owns 24,600 shares of the company’s stock, valued at $1,180,062. This trade represents a 500.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the sale, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christian S. Kendall bought 20,895 shares of California Resources stock in a transaction on Tuesday, August 13th. The shares were purchased at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the purchase, the director now directly owns 24,600 shares in the company, valued at $1,180,062. This trade represents a 500.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.03% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On California Resources

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in California Resources by 61.5% in the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after buying an additional 371 shares in the last quarter. Privium Fund Management B.V. bought a new stake in shares of California Resources during the second quarter valued at about $258,000. DekaBank Deutsche Girozentrale lifted its holdings in California Resources by 44.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 5,026 shares of the oil and gas producer’s stock worth $259,000 after purchasing an additional 1,537 shares during the period. Hyperion Capital Advisors LP acquired a new position in California Resources during the 1st quarter valued at about $275,000. Finally, AlphaMark Advisors LLC acquired a new position in California Resources during the 2nd quarter valued at about $320,000. 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.