California Resources Co. (NYSE:CRC) Given Average Rating of “Buy” by Brokerages

California Resources Co. (NYSE:CRC) has been assigned an average rating of “Buy” from the eleven brokerages that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $66.40.

Several equities analysts have commented on CRC shares. Barclays boosted their price target on shares of 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 boosted their target price on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Stephens assumed coverage on California Resources in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price target on the stock. StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Finally, Jefferies Financial Group started coverage on shares of California Resources in a research note on Thursday, October 24th. They set a “buy” rating and a $64.00 target price on the stock.

California Resources Stock Performance

Shares of California Resources stock opened at $51.17 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The stock has a market capitalization of $4.68 billion, a price-to-earnings ratio of 8.06, a price-to-earnings-growth ratio of 1.35 and a beta of 1.01. The business has a 50-day moving average of $55.10 and a 200 day moving average of $52.07. California Resources has a 12 month low of $43.09 and a 12 month high of $60.41.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, beating the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. During the same quarter last year, the firm posted $1.02 earnings per share. The business’s revenue for the quarter was up 194.1% compared to the same quarter last year. As a group, sell-side analysts forecast that California Resources will post 3.58 earnings per share for the current year.

California Resources Dividend Announcement

The business 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 3.03%. California Resources’s dividend payout ratio is presently 24.41%.

Insider Transactions at California Resources

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

Institutional Investors Weigh In On California Resources

A number of institutional investors and hedge funds have recently made changes to their positions in CRC. Louisiana State Employees Retirement System increased its position in California Resources by 1.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock valued at $1,719,000 after acquiring an additional 400 shares during the period. Bfsg LLC increased its holdings in shares of 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 purchasing an additional 851 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of California Resources by 20.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,317 shares of the oil and gas producer’s stock worth $656,000 after purchasing an additional 2,116 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of California Resources during the second quarter worth $729,000. Finally, Empirical Finance LLC purchased a new position in California Resources in the 2nd quarter valued at $597,000. 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.