California Resources (NYSE:CRC) Research Coverage Started at Citigroup

Citigroup assumed coverage on shares of California Resources (NYSE:CRC) in a report issued on Friday, MarketBeat reports. The brokerage issued a buy rating and a $63.00 price objective on the oil and gas producer’s stock.

Other equities research analysts also recently issued research reports about the company. Mizuho boosted their target price on California Resources from $63.00 to $64.00 and gave the stock a buy rating in a research report on Monday, May 13th. Barclays started coverage on shares of California Resources in a research report on Wednesday, April 10th. They set an equal weight rating and a $62.00 target price on the stock. Royal Bank of Canada reiterated an outperform rating and set a $65.00 price target on shares of California Resources in a research report on Wednesday, June 12th. Finally, Stifel Nicolaus boosted their price target on shares of California Resources from $68.00 to $69.00 and gave the stock a buy rating in a research note on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $62.71.

California Resources Trading Down 0.7 %

CRC opened at $51.89 on Friday. California Resources has a 1-year low of $43.30 and a 1-year high of $58.44. The stock has a market capitalization of $3.56 billion, a PE ratio of 14.87, a PEG ratio of 0.60 and a beta of 0.98. The company has a current ratio of 1.41, a quick ratio of 1.29 and a debt-to-equity ratio of 0.26. The firm has a 50-day moving average price of $49.54 and a two-hundred day moving average price of $51.63.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.75 EPS for the quarter, beating the consensus estimate of $0.58 by $0.17. California Resources had a net margin of 11.34% and a return on equity of 11.00%. The business had revenue of $454.00 million for the quarter, compared to analysts’ expectations of $490.21 million. During the same period in the prior year, the firm earned $2.63 earnings per share. California Resources’s revenue was down 55.7% compared to the same quarter last year. As a group, equities analysts anticipate that California Resources will post 4.44 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date was Friday, May 31st. California Resources’s dividend payout ratio is currently 35.53%.

Insiders Place Their Bets

In other news, Director Mark Allen Mcfarland sold 37,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $48.10, for a total value of $1,779,700.00. Following the completion of the transaction, the director now owns 104,939 shares of the company’s stock, valued at approximately $5,047,565.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

Several institutional investors have recently modified their holdings of CRC. Pacer Advisors Inc. lifted its stake in California Resources by 71.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,965,476 shares of the oil and gas producer’s stock valued at $107,472,000 after buying an additional 821,827 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of California Resources by 229.6% during the fourth quarter. Victory Capital Management Inc. now owns 885,906 shares of the oil and gas producer’s stock worth $48,441,000 after acquiring an additional 617,084 shares during the period. Hennessy Advisors Inc. bought a new stake in California Resources in the 4th quarter valued at $20,713,000. Vanguard Group Inc. boosted its stake in California Resources by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock worth $446,326,000 after purchasing an additional 344,043 shares during the period. Finally, Vest Financial LLC boosted its stake in California Resources by 7,345.1% in the 1st quarter. Vest Financial LLC now owns 340,168 shares of the oil and gas producer’s stock worth $18,743,000 after purchasing an additional 335,599 shares during the period. Institutional investors own 97.79% of the company’s stock.

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.