California Resources Corporation (NYSE:CRC) Stock Has Consensus Price Target of $74.10 According to Brokerages

Shares of California Resources Corporation (NYSE:CRC) have earned a consensus rating of “Moderate Buy” from the fourteen research firms that are presently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $74.10.

A number of brokerages recently weighed in on CRC. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $77.00 target price on shares of California Resources in a research note on Monday, September 14th. Barclays set a $74.00 price target on shares of California Resources and gave the stock an “overweight” rating in a research note on Monday, August 17th. Stifel Nicolaus assumed coverage on shares of California Resources in a report on Thursday, September 10th. They issued a “buy” rating and a $68.00 price target on the stock. Roth Capital restated a “buy” rating and set a $59.00 price objective (up from $58.00) on shares of California Resources in a research report on Thursday, September 17th. Finally, Seaport Research Partners started coverage on shares of California Resources in a research report on Thursday, September 3rd. They set a “neutral” rating on the stock.

Insiders Place Their Bets

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

Hedge Funds Weigh In On California Resources

A number of hedge funds and other institutional investors have recently modified their holdings of CRC. Integrated Wealth Concepts LLC bought a new position in shares of California Resources during the 2nd quarter valued at about $109,000. Corient Private Wealth LP raised its holdings in shares of California Resources by 61.2% during the 2nd quarter. Corient Private Wealth LP now owns 11,799 shares of the oil and gas producer’s stock valued at $624,000 after buying an additional 4,479 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in California Resources in the 2nd quarter worth approximately $1,316,000. Readystate Asset Management LP lifted its position in California Resources by 242.3% in the 2nd quarter. Readystate Asset Management LP now owns 82,255 shares of the oil and gas producer’s stock worth $4,349,000 after buying an additional 58,223 shares during the last quarter. Finally, Odyssean LLC purchased a new stake in California Resources in the second quarter worth approximately $445,000. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Trading Up 0.1%

California Resources stock opened at $52.50 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66. California Resources has a fifty-two week low of $43.24 and a fifty-two week high of $71.98. The stock has a market cap of $4.66 billion, a P/E ratio of -38.60 and a beta of 1.02. The firm’s fifty day moving average price is $53.11 and its 200-day moving average price is $57.68.

California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.37). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The business had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $960.20 million. During the same period in the previous year, the business earned $1.10 EPS. The business’s revenue was up 33.0% on a year-over-year basis. Equities research analysts forecast that California Resources will post 3.89 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were paid a $0.4050 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Friday, September 4th. California Resources’s dividend payout ratio is currently -119.12%.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent energy and carbon management company focused on developing and producing oil, natural gas and natural gas liquids. The company also pursues carbon capture and sequestration projects intended to reduce emissions from industrial activities while supporting California’s energy and environmental objectives.

CRC’s operations are concentrated in California, with assets spanning several of the state’s major oil-producing regions, including the San Joaquin, Los Angeles and Ventura basins.