Shares of California Resources Corporation (NYSE:CRC – Get Free Report) have earned a consensus recommendation of “Moderate Buy” from the thirteen analysts that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $74.44.
Several analysts have issued reports on the stock. Stifel Nicolaus assumed coverage on shares of California Resources in a research report on Thursday, September 10th. They issued a “buy” rating and a $68.00 price objective for the company. Seaport Research Partners started coverage on California Resources in a report on Thursday, September 3rd. They issued a “neutral” rating for the company. Weiss Ratings upgraded shares of California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Roth Capital reissued a “buy” rating and issued a $59.00 price target (up from $58.00) on shares of California Resources in a report on Thursday, September 17th. Finally, Stephens cut their price objective on shares of California Resources from $93.00 to $91.00 and set an “overweight” rating on the stock in a research report on Friday, September 18th.
Check Out Our Latest Stock Report on California Resources
Insider Buying and Selling
In other California Resources news, EVP Jay Bys sold 11,907 shares of California Resources stock in a transaction that occurred on Monday, October 12th. The shares were 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 123,703 shares in the company, valued at approximately $6,679,962. The trade was a 8.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 35,721 shares of company stock valued at $1,928,934. Company insiders own 0.53% of the company’s stock.
Hedge Funds Weigh In On California Resources
Several institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE grew its position in California Resources by 57.1% during the first quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer’s stock valued at $40,543,000 after purchasing an additional 212,827 shares in the last quarter. Readystate Asset Management LP increased its position in California Resources by 242.3% during 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 buying an additional 58,223 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of California Resources by 12.8% in the 1st quarter. Janus Henderson Group PLC now owns 480,413 shares of the oil and gas producer’s stock valued at $33,254,000 after acquiring an additional 54,703 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of California Resources in the second quarter valued at approximately $4,022,000. Finally, Great Lakes Advisors LLC bought a new position in California Resources in the 2nd quarter worth $2,829,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.
California Resources Stock Up 3.2%
CRC opened at $54.63 on Friday. California Resources has a 1 year low of $43.24 and a 1 year high of $71.98. The firm has a 50 day moving average price of $53.52 and a 200 day moving average price of $56.41. The company has a market cap of $4.85 billion, a PE ratio of -40.17 and a beta of 1.02. 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 (NYSE:CRC – Get Free Report) last issued its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing analysts’ consensus estimates 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 prior year, the business posted $1.10 EPS. The business’s revenue was up 33.0% on a year-over-year basis. Sell-side analysts expect that California Resources will post 4.30 earnings per share for the current year.
California Resources Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were issued a $0.4050 dividend. This represents a $1.62 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Friday, September 4th. California Resources’s dividend payout ratio (DPR) is presently -119.12%.
About California Resources
California Resources Corporation (NYSE: CRC) is an independent energy company focused on the exploration, development and production of oil and natural gas in California. Its operations are concentrated in the state’s San Joaquin and Los Angeles basins, where the company produces crude oil, natural gas and natural gas liquids for industrial, commercial and transportation markets.
In addition to conventional oil and gas production, California Resources is developing carbon-management projects through its Carbon TerraVault business.
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