Mizuho Issues Pessimistic Forecast for California Resources (NYSE:CRC) Stock Price

California Resources (NYSE:CRC) had its target price trimmed by Mizuho from $64.00 to $60.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the oil and gas producer’s stock.

CRC has been the topic of a number of other research reports. Truist Financial upgraded shares of California Resources to a “strong-buy” rating in a report on Tuesday, May 6th. UBS Group upped their price objective on shares of California Resources from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Royal Bank of Canada cut their price objective on shares of California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, April 11th. Roth Capital restated a “buy” rating on shares of California Resources in a report on Wednesday, May 7th. Finally, Barclays upped their price objective on shares of California Resources from $47.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, May 9th. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and a consensus price target of $59.64.

California Resources Price Performance

CRC stock opened at $43.81 on Tuesday. California Resources has a 1 year low of $30.97 and a 1 year high of $60.41. The company has a market cap of $3.91 billion, a P/E ratio of 6.90, a PEG ratio of 1.02 and a beta of 1.06. The firm has a 50-day moving average of $38.95 and a 200 day moving average of $47.56. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.24. The company had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. California Resources’s revenue was up 100.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.75 earnings per share. On average, sell-side analysts forecast that California Resources will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date is Friday, May 30th. California Resources’s payout ratio is 28.13%.

Insider Activity at California Resources

In related news, Director James N. Chapman acquired 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were bought at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the transaction, the director now directly owns 43,445 shares in the company, valued at approximately $1,712,601.90. This trade represents a 4.83% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.03% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC lifted its position in California Resources by 269.4% during the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 466 shares during the period. R Squared Ltd bought a new position in California Resources during the fourth quarter valued at approximately $31,000. Harbor Capital Advisors Inc. lifted its position in California Resources by 68.8% during the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock valued at $34,000 after purchasing an additional 316 shares during the period. Smartleaf Asset Management LLC lifted its position in California Resources by 331.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock valued at $53,000 after purchasing an additional 812 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in California Resources by 71.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after purchasing an additional 454 shares during the period. Institutional investors own 97.79% of the company’s stock.

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.