Royal Bank of Canada Reaffirms “Outperform” Rating for California Resources (NYSE:CRC)

Royal Bank of Canada restated their outperform rating on shares of California Resources (NYSE:CRC) in a research report released on Wednesday morning, Benzinga reports. They currently have a $65.00 target price on the oil and gas producer’s stock.

Other equities analysts also recently issued research reports about the company. Stifel Nicolaus upped their target price on California Resources from $68.00 to $69.00 and gave the company a buy rating in a report on Tuesday, April 23rd. Mizuho upped their target price on California Resources from $63.00 to $64.00 and gave the company a buy rating in a report on Monday, May 13th. Finally, Barclays started coverage on California Resources in a report on Wednesday, April 10th. They issued an equal weight rating and a $62.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $63.00.

California Resources Price Performance

NYSE CRC opened at $48.72 on Wednesday. The stock’s 50-day moving average price is $50.65 and its two-hundred day moving average price is $51.79. The company has a current ratio of 1.41, a quick ratio of 1.29 and a debt-to-equity ratio of 0.26. The company has a market cap of $3.34 billion, a PE ratio of 13.96, a PEG ratio of 0.56 and a beta of 0.97. California Resources has a 1 year low of $42.17 and a 1 year high of $58.44.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.17. The company had revenue of $454.00 million for the quarter, compared to the consensus estimate of $490.21 million. California Resources had a return on equity of 11.00% and a net margin of 11.34%. The firm’s quarterly revenue was down 55.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.63 EPS. On average, analysts predict that California Resources will post 4.44 EPS for the current year.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a dividend of $0.31 per share. The ex-dividend date was Friday, May 31st. This represents a $1.24 dividend on an annualized basis and a yield of 2.55%. California Resources’s payout ratio is currently 35.53%.

Insiders Place Their Bets

In other California Resources news, Director Mark Allen Mcfarland sold 37,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total transaction of $1,779,700.00. Following the completion of the sale, the director now owns 104,939 shares of the company’s stock, valued at $5,047,565.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

A number of large investors have recently added to or reduced their stakes in the stock. EMC Capital Management bought a new stake in California Resources during the first quarter worth approximately $540,000. Comerica Bank lifted its holdings in shares of California Resources by 7.4% during the first quarter. Comerica Bank now owns 32,209 shares of the oil and gas producer’s stock worth $1,775,000 after buying an additional 2,208 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of California Resources by 2.2% during the first quarter. Janus Henderson Group PLC now owns 287,468 shares of the oil and gas producer’s stock worth $15,839,000 after buying an additional 6,312 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of California Resources by 6.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 42,495 shares of the oil and gas producer’s stock worth $2,342,000 after buying an additional 2,475 shares during the last quarter. Finally, Hyperion Capital Advisors LP acquired a new position in shares of California Resources during the first quarter worth approximately $275,000. 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.