California Resources (NYSE:CRC) Given Outperform Rating at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of California Resources (NYSE:CRC) in a research note published on Monday morning, Benzinga reports. They currently have a $65.00 target price on the oil and gas producer’s stock.

Other analysts also recently issued reports about the stock. Citigroup initiated coverage on shares of California Resources in a research report on Friday, July 19th. They issued a buy rating and a $63.00 target price on the stock. Barclays decreased their target price on shares of California Resources from $62.00 to $55.00 and set an equal weight rating for the company in a research note on Thursday, August 8th. Mizuho lifted their target price on shares of California Resources from $63.00 to $64.00 and gave the company a buy rating in a report on Monday, May 13th. TD Cowen assumed coverage on California Resources in a research note on Friday, August 2nd. They issued a buy rating and a $65.00 price target on the stock. Finally, Stifel Nicolaus raised their price objective on California Resources from $68.00 to $69.00 and gave the company a buy rating in a research report on Tuesday, April 23rd. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $62.13.

California Resources Price Performance

Shares of CRC stock opened at $47.58 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.29 and a current ratio of 1.41. The firm has a market cap of $3.26 billion, a P/E ratio of 13.63, a P/E/G ratio of 0.83 and a beta of 0.98. The business’s 50 day moving average price is $49.88 and its 200-day moving average price is $51.36. California Resources has a fifty-two week low of $43.09 and a fifty-two week high of $58.44.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). The company had revenue of $514.00 million during the quarter, compared to the consensus estimate of $477.07 million. California Resources had a return on equity of 11.00% and a net margin of 11.34%. California Resources’s quarterly revenue was down 13.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.53 earnings per share. On average, equities research analysts anticipate that California Resources will post 4.99 earnings per share for the current year.

California Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be issued a $0.3875 dividend. This is a boost from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend is Friday, August 30th. California Resources’s dividend payout ratio (DPR) is currently 44.41%.

Insider Buying and Selling at California Resources

In other news, Director Mark Allen Mcfarland sold 37,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total value of $1,779,700.00. Following the transaction, the director now owns 104,939 shares of the company’s stock, valued at $5,047,565.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.03% of the stock is currently owned by corporate insiders.

Institutional Trading of California Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. boosted its holdings in California Resources by 229.6% in the 4th quarter. Victory Capital Management Inc. now owns 885,906 shares of the oil and gas producer’s stock worth $48,441,000 after buying an additional 617,084 shares during the period. Hennessy Advisors Inc. bought a new position in shares of California Resources in the fourth quarter worth about $20,713,000. Vanguard Group Inc. boosted its stake in shares of California Resources by 4.4% in the first quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock worth $446,326,000 after acquiring an additional 344,043 shares during the period. Vest Financial LLC grew its holdings in California Resources by 7,345.1% during the 1st quarter. Vest Financial LLC now owns 340,168 shares of the oil and gas producer’s stock valued at $18,743,000 after buying an additional 335,599 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in California Resources by 18.1% during the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock valued at $86,825,000 after acquiring an additional 250,367 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other 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.