California Resources (NYSE:CRC) Price Target Raised to $65.00

California Resources (NYSE:CRC) had its price target upped by Citigroup from $63.00 to $65.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a buy rating on the oil and gas producer’s stock.

A number of other research analysts have also commented on the company. Mizuho upped their price target on California Resources from $63.00 to $64.00 and gave the company a buy rating in a research report on Monday, May 13th. Bank of America raised California Resources from a neutral rating to a buy rating and upped their price target for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. Barclays lowered their price target on California Resources from $62.00 to $55.00 and set an equal weight rating for the company in a research report on Thursday, August 8th. TD Cowen began coverage on California Resources in a research report on Friday, August 2nd. They set a buy rating and a $65.00 price target for the company. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a $65.00 price target on shares of California Resources in a research report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $63.00.

California Resources Trading Down 2.3 %

NYSE CRC opened at $48.14 on Thursday. California Resources has a 1-year low of $43.09 and a 1-year high of $58.44. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. The stock has a 50-day moving average of $50.51 and a 200-day moving average of $51.30. The firm has a market cap of $3.30 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 1.29 and a beta of 0.98.

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

California Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.3875 per share. This is an increase from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date is Friday, August 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.22%. California Resources’s dividend payout ratio is 44.41%.

Insiders Place Their Bets

In other California Resources news, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the transaction, the chief executive officer now owns 166,357 shares in the company, valued at approximately $8,181,437.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the sale, the chief executive officer now owns 166,357 shares in the company, valued at approximately $8,181,437.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christian S. Kendall purchased 20,895 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the purchase, the director now directly owns 24,600 shares in the company, valued at $1,180,062. The disclosure for this purchase can be found here. Company insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in California Resources by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock valued at $446,326,000 after acquiring an additional 344,043 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in California Resources by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,576,306 shares of the oil and gas producer’s stock valued at $190,328,000 after acquiring an additional 165,629 shares in the last quarter. American Century Companies Inc. lifted its position in California Resources by 18.1% in the 2nd quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock valued at $86,825,000 after acquiring an additional 250,367 shares in the last quarter. Victory Capital Management Inc. lifted its position in California Resources by 10.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,078,123 shares of the oil and gas producer’s stock valued at $57,378,000 after acquiring an additional 104,504 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its position in California Resources by 2,615.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer’s stock valued at $44,865,000 after acquiring an additional 811,963 shares in the last quarter. Hedge funds and other 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.