California Resources Co. (NYSE:CRC) Receives $63.00 Consensus PT from Analysts

California Resources Co. (NYSE:CRC) has been given a consensus recommendation of “Moderate Buy” by the eight analysts that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $63.00.

CRC has been the topic of a number of recent analyst reports. Barclays cut their price target on shares of California Resources from $62.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. TD Cowen initiated coverage on shares of California Resources in a research note on Friday, August 2nd. They set a “buy” rating and a $65.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and set a $65.00 price target on shares of California Resources in a research note on Monday, August 12th. Bank of America upgraded shares of 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 note on Wednesday, August 21st. Finally, Citigroup upped their price target on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, September 5th.

California Resources Trading Up 1.9 %

NYSE CRC opened at $50.89 on Tuesday. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. The firm has a market cap of $3.45 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 1.19 and a beta of 0.98. The company has a 50 day moving average price of $50.09 and a 200 day moving average price of $51.07. California Resources has a 52 week low of $43.09 and a 52 week high of $58.44.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.36). The firm had revenue of $514.00 million for the quarter, compared to the consensus estimate of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The company’s revenue was down 13.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.53 EPS. As a group, sell-side analysts forecast 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. Stockholders of record on Friday, August 30th were issued a $0.3875 dividend. This is an increase from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 annualized dividend and a dividend yield of 3.05%. The ex-dividend date was Friday, August 30th. California Resources’s dividend payout ratio is 44.41%.

Insider Buying and Selling

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

Hedge Funds Weigh In On California Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Creative Planning lifted its holdings in California Resources by 32.0% during the second quarter. Creative Planning now owns 13,210 shares of the oil and gas producer’s stock valued at $703,000 after purchasing an additional 3,205 shares in the last quarter. Algert Global LLC purchased a new position in California Resources during the second quarter valued at $389,000. Scientech Research LLC lifted its holdings in California Resources by 108.3% during the second quarter. Scientech Research LLC now owns 10,568 shares of the oil and gas producer’s stock valued at $562,000 after purchasing an additional 5,495 shares in the last quarter. Millennium Management LLC lifted its holdings in California Resources by 138.4% during the second quarter. Millennium Management LLC now owns 282,090 shares of the oil and gas producer’s stock valued at $15,013,000 after purchasing an additional 163,758 shares in the last quarter. Finally, Maverick Capital Ltd. lifted its holdings in California Resources by 362.4% during the second quarter. Maverick Capital Ltd. now owns 27,490 shares of the oil and gas producer’s stock valued at $1,463,000 after purchasing an additional 21,545 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

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.