California Resources (NYSE:CRC) Price Target Raised to $74.00 at TD Cowen

California Resources (NYSE:CRC) had its price target raised by TD Cowen from $65.00 to $74.00 in a research report sent to investors on Tuesday,Benzinga reports. TD Cowen currently has a buy rating on the oil and gas producer’s stock.

Several other analysts have also recently issued reports on the company. UBS Group started coverage on California Resources in a research note on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 price objective on shares of California Resources in a research note on Monday, August 12th. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. StockNews.com raised shares of California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Finally, Barclays lifted 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 note on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $66.40.

California Resources Stock Up 0.9 %

Shares of NYSE:CRC opened at $58.56 on Tuesday. The firm has a market capitalization of $3.97 billion, a PE ratio of 9.22, a price-to-earnings-growth ratio of 1.48 and a beta of 0.98. California Resources has a 1 year low of $43.09 and a 1 year high of $60.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The firm’s 50-day moving average is $54.00 and its two-hundred day moving average is $51.15.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. During the same period in the prior year, the firm earned $1.02 EPS. The firm’s revenue for the quarter was up 194.1% on a year-over-year basis. Analysts predict that California Resources will post 3.42 EPS for the current year.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 2.65%. The ex-dividend date is Monday, December 2nd. California Resources’s payout ratio is 24.41%.

Insider Activity at California Resources

In other California Resources news, VP Noelle M. Repetti sold 8,770 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the sale, the vice president now owns 8,531 shares in the company, valued at approximately $475,603.25. The trade was a 50.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Francisco Leon sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the completion of the sale, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The trade was a 4.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,270 shares of company stock valued at $1,387,778 in the last ninety days. Insiders own 0.03% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CRC. GSA Capital Partners LLP acquired a new stake in shares of California Resources in the 3rd quarter worth $682,000. Quest Partners LLC acquired a new stake in California Resources in the third quarter valued at about $499,000. Interval Partners LP purchased a new stake in California Resources in the 2nd quarter valued at approximately $2,213,000. Vest Financial LLC boosted its holdings in California Resources by 38.4% in the 2nd quarter. Vest Financial LLC now owns 470,694 shares of the oil and gas producer’s stock valued at $25,050,000 after purchasing an additional 130,526 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in California Resources during the 2nd quarter worth approximately $729,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

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.