California Resources (NYSE:CRC) Now Covered by Truist Financial

Truist Financial initiated coverage on shares of California Resources (NYSE:CRC) in a report published on Monday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $75.00 price target on the oil and gas producer’s stock.

A number of other brokerages have also recently weighed in on CRC. JPMorgan Chase & Co. started coverage on shares of California Resources in a research report on Friday, December 20th. They issued a “neutral” rating and a $63.00 price target for the company. StockNews.com raised shares of California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. TD Cowen upped their target price on shares of California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. UBS Group started coverage on shares of California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price for the company. Finally, Jefferies Financial Group started coverage on shares of California Resources in a report on Thursday, October 24th. They set a “buy” rating and a $64.00 price target for the company. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.83.

California Resources Stock Performance

NYSE:CRC opened at $54.33 on Monday. The company has a fifty day simple moving average of $54.92 and a two-hundred day simple moving average of $52.49. The company has a market cap of $4.96 billion, a price-to-earnings ratio of 8.56, a price-to-earnings-growth ratio of 1.35 and a beta of 1.05. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. California Resources has a 52 week low of $43.09 and a 52 week high of $60.41.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company’s revenue was up 194.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.02 earnings per share. As a group, equities analysts anticipate that California Resources will post 3.58 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a dividend of $0.3875 per share. The ex-dividend date was Monday, December 2nd. This represents a $1.55 annualized dividend and a yield of 2.85%. California Resources’s payout ratio is currently 24.41%.

Insider Activity

In related news, VP Noelle M. Repetti sold 8,770 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the transaction, the vice president now owns 8,531 shares of the company’s stock, valued at approximately $475,603.25. This represents a 50.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the transaction, the executive vice president now directly owns 30,940 shares in the company, valued at $1,707,269.20. The trade was a 34.11 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

A number of large investors have recently bought and sold shares of CRC. GAMMA Investing LLC grew its holdings in shares of California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 371 shares during the period. Point72 DIFC Ltd purchased a new stake in shares of California Resources during the 3rd quarter worth about $70,000. KBC Group NV grew its holdings in shares of California Resources by 29.1% during the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after purchasing an additional 431 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after purchasing an additional 276 shares during the period. Finally, Atria Investments Inc purchased a new stake in shares of California Resources during the 3rd quarter worth about $209,000. Hedge funds and other institutional investors 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.