California Resources Co. (NYSE:CRC) Receives Consensus Rating of “Moderate Buy” from Analysts

California Resources Co. (NYSE:CRC) has received an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $64.29.

A number of equities analysts have commented on the company. Barclays boosted their price objective on California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. TD Cowen initiated 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 on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price target on shares of California Resources in a report on Monday, August 12th. Citigroup upped their price objective on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Finally, Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and increased their price objective for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st.

Insider Buying and Selling at California Resources

In related news, Director Christian S. Kendall purchased 20,895 shares of California Resources stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the transaction, the director now directly owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. This trade represents a 500.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the completion of the sale, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Christian S. Kendall purchased 20,895 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the transaction, the director now directly owns 24,600 shares in the company, valued at $1,180,062. This trade represents a 500.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

Large investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its position 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 worth $51,000 after purchasing an additional 371 shares in the last quarter. Privium Fund Management B.V. bought a new position in California Resources during the second quarter worth about $258,000. Hyperion Capital Advisors LP acquired a new position in California Resources in the first quarter valued at about $275,000. AlphaMark Advisors LLC bought a new stake in shares of California Resources in the second quarter worth about $320,000. Finally, Shell Asset Management Co. raised its position in shares of California Resources by 99.8% during the first quarter. Shell Asset Management Co. now owns 6,311 shares of the oil and gas producer’s stock worth $348,000 after purchasing an additional 3,153 shares during the period. Institutional investors own 97.79% of the company’s stock.

California Resources Price Performance

NYSE:CRC opened at $53.69 on Friday. The company has a market capitalization of $3.64 billion, a price-to-earnings ratio of 23.86, a PEG ratio of 1.27 and a beta of 0.98. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.43. California Resources has a 52 week low of $43.09 and a 52 week high of $57.88. The company has a 50-day moving average of $50.69 and a 200-day moving average of $51.04.

California Resources (NYSE:CRC) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $477.07 million. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The firm’s revenue was down 13.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.53 earnings per share. As a group, equities research analysts anticipate that California Resources will post 3.45 earnings per share for the current fiscal year.

California Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $0.3875 dividend. The ex-dividend date was Friday, August 30th. 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 2.89%. California Resources’s dividend payout ratio (DPR) is presently 68.89%.

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.