California Resources (NYSE:CRC) Receives New Coverage from Analysts at Stephens

Stephens initiated coverage on shares of California Resources (NYSE:CRC) in a research report report published on Tuesday morning, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $73.00 target price on the oil and gas producer’s stock.

CRC has been the subject of a number of other research reports. TD Cowen started coverage on shares of California Resources in a research report on Friday, August 2nd. They set a “buy” rating and a $65.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price objective on shares of California Resources in a research report on Monday, August 12th. UBS Group started coverage on shares of California Resources in a research report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price objective for the company. Barclays upped their price objective on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. Finally, Citigroup upped their price objective on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, California Resources presently has a consensus rating of “Moderate Buy” and an average price target of $65.67.

California Resources Stock Up 6.1 %

California Resources stock opened at $53.46 on Tuesday. The firm has a market cap of $3.66 billion, a price-to-earnings ratio of 15.32, a P/E/G ratio of 1.27 and a beta of 0.98. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.43 and a quick ratio of 2.33. California Resources has a fifty-two week low of $43.09 and a fifty-two week high of $57.88. The firm has a fifty day moving average price of $51.36 and a two-hundred day moving average price of $50.89.

California Resources (NYSE:CRC) last released its earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). The firm had revenue of $514.00 million for the quarter, compared to analyst estimates of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The firm’s revenue was down 13.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.53 EPS. As a group, analysts forecast that California Resources will post 3.45 earnings per share for the current year.

California Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 2.90%. The ex-dividend date was Friday, August 30th. This is a positive change from California Resources’s previous quarterly dividend of $0.31. California Resources’s dividend payout ratio is 44.41%.

Insider Buying and Selling

In related news, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the transaction, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Christian S. Kendall acquired 20,895 shares of the firm’s stock in a transaction 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 purchase, the director now owns 24,600 shares of the company’s stock, valued at $1,180,062. This represents a 500.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the sale, the vice president now directly owns 17,301 shares in the company, valued at $916,953. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC grew its stake in shares of California Resources by 61.5% during 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. Privium Fund Management B.V. bought a new stake in shares of California Resources during the second quarter valued at approximately $258,000. Hyperion Capital Advisors LP bought a new stake in shares of California Resources during the first quarter valued at approximately $275,000. AlphaMark Advisors LLC acquired a new position in California Resources in the second quarter valued at approximately $320,000. Finally, Bfsg LLC lifted its holdings in California Resources by 15.4% in the second quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock valued at $339,000 after buying an additional 851 shares during the period. 97.79% of the stock is owned by institutional investors.

About California Resources

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.