California Resources (NYSE:CRC) Earns Neutral Rating from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. assumed coverage on shares of California Resources (NYSE:CRC) in a research report released on Friday, MarketBeat Ratings reports. The firm issued a neutral rating and a $63.00 price objective on the oil and gas producer’s stock.

Other analysts have also issued reports about the company. Barclays boosted their price objective on California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. UBS Group began coverage on shares of California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price target on the stock. Jefferies Financial Group initiated coverage on shares of California Resources in a research note on Thursday, October 24th. They set a “buy” rating and a $64.00 price objective for the company. Stephens began coverage on shares of California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 target price on the stock. Finally, Capital One Financial raised shares of California Resources to a “strong-buy” rating in a report on Monday, December 9th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, California Resources currently has an average rating of “Moderate Buy” and an average target price of $66.09.

California Resources Price Performance

Shares of NYSE:CRC opened at $50.56 on Friday. The company has a 50-day moving average price of $55.02 and a two-hundred day moving average price of $52.16. California Resources has a twelve month low of $43.09 and a twelve month high of $60.41. 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 market capitalization of $4.62 billion, a PE ratio of 7.96, a P/E/G ratio of 1.35 and a beta of 1.01.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping the consensus estimate 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%. California Resources’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 analysts forecast that California Resources will post 3.58 EPS for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Monday, December 2nd. California Resources’s payout ratio is currently 24.41%.

Insider Activity

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the completion of the sale, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at $1,707,269.20. The trade was a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the transaction, the vice president now directly owns 8,531 shares in the company, valued at $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

Large investors have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System raised its position in California Resources by 1.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock valued at $1,719,000 after purchasing an additional 400 shares during the last quarter. Bfsg LLC lifted its stake in California Resources by 15.4% in the second quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock worth $339,000 after acquiring an additional 851 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in California Resources by 20.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,317 shares of the oil and gas producer’s stock valued at $656,000 after acquiring an additional 2,116 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in California Resources during the 2nd quarter valued at $729,000. Finally, Empirical Finance LLC purchased a new position in California Resources during the 2nd quarter valued at $597,000. Institutional investors 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.