California Resources (NYSE:CRC) Earns Buy Rating from Analysts at Truist Financial

Truist Financial began coverage on shares of California Resources (NYSE:CRC) in a research note released on Monday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $75.00 price objective on the oil and gas producer’s stock.

A number of other equities research analysts have also issued reports on CRC. Stephens initiated coverage on shares of California Resources in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective for the company. UBS Group began coverage on California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 target price for the company. Barclays increased 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 report on Thursday, October 3rd. Jefferies Financial Group assumed coverage on shares of California Resources in a report on Thursday, October 24th. They set a “buy” rating and a $64.00 target price on the stock. Finally, JPMorgan Chase & Co. began coverage on California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and an average target price of $67.25.

California Resources Stock Performance

CRC stock opened at $54.11 on Monday. California Resources has a one year low of $43.09 and a one year high of $60.41. The firm has a 50-day simple moving average of $54.92 and a two-hundred day simple moving average of $52.49. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The firm has a market cap of $4.94 billion, a price-to-earnings ratio of 8.52, a PEG ratio of 1.31 and a beta of 1.01.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company’s revenue was up 194.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.02 earnings per share. On average, equities analysts forecast that California Resources will post 3.58 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were paid a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 2.86%. The ex-dividend date was Monday, December 2nd. California Resources’s dividend payout ratio is presently 24.41%.

Insider Transactions at California Resources

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the sale, the executive vice president now directly owns 30,940 shares in the company, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Noelle M. Repetti sold 8,770 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of 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. 0.03% of the stock is currently owned by insiders.

Institutional Trading of California Resources

A number of institutional investors and hedge funds have recently made changes to their positions in CRC. GAMMA Investing LLC increased its position in California Resources by 22.8% during the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock worth $62,000 after acquiring an additional 222 shares during the period. Farther Finance Advisors LLC increased its position in shares of California Resources by 9.4% during the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock valued at $169,000 after purchasing an additional 276 shares during the period. KBC Group NV raised its stake in shares of California Resources by 29.1% in the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after purchasing an additional 431 shares in the last quarter. Amalgamated Bank lifted its position in California Resources by 3.1% in the third quarter. Amalgamated Bank now owns 20,406 shares of the oil and gas producer’s stock worth $1,071,000 after purchasing an additional 605 shares during the period. Finally, AlphaMark Advisors LLC boosted its stake in California Resources by 10.9% during the third quarter. AlphaMark Advisors LLC now owns 6,658 shares of the oil and gas producer’s stock worth $349,000 after buying an additional 652 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

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.