California Resources Co. (NYSE:CRC) Receives $66.09 Average PT from Analysts

Shares of California Resources Co. (NYSE:CRC) have been given an average rating of “Moderate Buy” by the thirteen analysts that are covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $67.25.

CRC has been the topic of a number of research reports. JPMorgan Chase & Co. assumed coverage on California Resources in a research note on Friday, December 20th. They set a “neutral” rating and a $63.00 price target on the stock. Stephens initiated coverage on California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price on the stock. Jefferies Financial Group assumed coverage on shares of California Resources in a research report on Thursday, October 24th. They issued a “buy” rating and a $64.00 price target for the company. Truist Financial initiated coverage on shares of California Resources in a report on Monday. They set a “buy” rating and a $75.00 price objective on the stock. Finally, Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a report on Monday, December 9th.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its stake in California Resources by 61.5% in the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 371 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of California Resources in the third quarter valued at $70,000. KBC Group NV lifted its position 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 valued at $100,000 after buying an additional 431 shares during the last quarter. Farther Finance Advisors LLC lifted its position 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 valued at $169,000 after buying an additional 276 shares during the last quarter. Finally, Atria Investments Inc bought a new position in shares of California Resources during the 3rd quarter worth $209,000. 97.79% of the stock is owned by institutional investors.

California Resources Stock Performance

NYSE:CRC opened at $54.11 on Monday. 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 twelve month low of $43.09 and a twelve month high of $60.41. The company has a fifty day moving average of $54.92 and a 200-day moving average of $52.49. The firm has a market capitalization of $4.94 billion, a P/E ratio of 8.52, a P/E/G ratio of 1.31 and a beta of 1.01.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating the consensus estimate 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 business’s revenue was up 194.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 earnings per share. As a group, sell-side analysts anticipate that California Resources will post 3.58 EPS for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a $0.3875 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.55 annualized dividend and a yield of 2.86%. California Resources’s dividend payout ratio (DPR) is 24.41%.

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.