Stephens Cuts California Resources (NYSE:CRC) Price Target to $91.00

California Resources (NYSE:CRC) had its target price decreased by Stephens from $93.00 to $91.00 in a research report report published on Friday, MarketBeat.com reports. Stephens currently has an overweight rating on the oil and gas producer’s stock.

Other equities research analysts have also issued reports about the company. Seaport Research Partners started coverage on California Resources in a research report on Thursday, September 3rd. They issued a “neutral” rating on the stock. Weiss Ratings raised shares of California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Wall Street Zen lowered shares of California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $77.00 price objective on shares of California Resources in a report on Monday, September 14th. Finally, Citigroup cut their price objective on shares of California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, California Resources presently has an average rating of “Moderate Buy” and a consensus price target of $73.36.

California Resources Stock Up 0.2%

NYSE:CRC opened at $54.16 on Friday. The firm has a market capitalization of $4.81 billion, a PE ratio of -39.83 and a beta of 0.90. The stock has a 50 day moving average of $53.31 and a 200-day moving average of $58.43. California Resources has a 52 week low of $43.24 and a 52 week high of $71.98. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 0.38.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%.The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $960.20 million. During the same quarter in the previous year, the company posted $1.10 earnings per share. The firm’s revenue for the quarter was up 33.0% compared to the same quarter last year. Analysts predict that California Resources will post 3.9 EPS for the current year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Friday, September 4th. California Resources’s payout ratio is -119.12%.

Insider Transactions at California Resources

In other news, EVP Jay Bys sold 11,907 shares of the firm’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the transaction, the executive vice president directly owned 135,610 shares of the company’s stock, valued at approximately $7,322,940. This trade represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 35,721 shares of company stock worth $1,928,934. Insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On California Resources

Several institutional investors have recently bought and sold shares of CRC. Integrated Wealth Concepts LLC bought a new position in shares of California Resources in the second quarter valued at approximately $109,000. Corient Private Wealth LP raised its holdings in California Resources by 61.2% during the second quarter. Corient Private Wealth LP now owns 11,799 shares of the oil and gas producer’s stock worth $624,000 after purchasing an additional 4,479 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in California Resources during the second quarter worth approximately $1,316,000. Readystate Asset Management LP lifted its position in California Resources by 242.3% in the second quarter. Readystate Asset Management LP now owns 82,255 shares of the oil and gas producer’s stock worth $4,349,000 after purchasing an additional 58,223 shares during the period. Finally, Odyssean LLC acquired a new stake in California Resources in the second quarter worth approximately $445,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an energy company focused on developing and producing oil and natural gas resources in California. Its operations include exploration, drilling, production, processing and marketing of crude oil, natural gas and natural gas liquids, primarily for customers in the California market.

The company’s assets are located in several of California’s major petroleum-producing regions, including the San Joaquin, Los Angeles and Sacramento basins. California Resources also manages related infrastructure and mineral interests associated with its production operations.

In addition to conventional energy production, California Resources has pursued carbon management opportunities through its Carbon TerraVault platform.