California Resources Co. (NYSE:CRC) Receives $57.80 Consensus Target Price from Brokerages

California Resources Co. (NYSE:CRC – Get Rating) has earned an average recommendation of “Buy” from the eight brokerages that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $57.80.

Several research firms have weighed in on CRC. KeyCorp raised their target price on California Resources from $50.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, April 8th. TheStreet downgraded California Resources from a “c” rating to a “d” rating in a research report on Thursday, May 5th. Citigroup assumed coverage on California Resources in a research report on Tuesday, May 10th. They issued a “buy” rating and a $60.00 price target on the stock. Zacks Investment Research downgraded California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, May 10th. Finally, StockNews.com downgraded California Resources from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 15th.

NYSE CRC opened at $41.12 on Friday. California Resources has a fifty-two week low of $24.04 and a fifty-two week high of $50.44. The stock’s 50-day moving average is $43.62 and its two-hundred day moving average is $42.98. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.69 and a quick ratio of 0.81. The firm has a market cap of $3.19 billion, a P/E ratio of 6.44 and a beta of 0.72.

California Resources (NYSE:CRC – Get Rating) last posted its earnings results on Thursday, May 5th. The oil and gas producer reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.19). California Resources had a net margin of 31.63% and a return on equity of 38.92%. The company had revenue of $153.00 million for the quarter, compared to the consensus estimate of $443.19 million. During the same quarter last year, the business earned $1.22 earnings per share. California Resources’s quarterly revenue was down 57.9% on a year-over-year basis. On average, equities analysts expect that California Resources will post 6.09 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 16th. Investors of record on Wednesday, June 1st will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend is Tuesday, May 31st. California Resources’s dividend payout ratio (DPR) is presently 10.64%.

In other news, major shareholder Goldentree Asset Management Lp sold 497,336 shares of California Resources stock in a transaction that occurred on Friday, March 25th. The shares were sold at an average price of $49.71, for a total value of $24,722,572.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Ares Management Llc sold 18,800 shares of the business’s stock in a transaction that occurred on Thursday, March 3rd. The stock was sold at an average price of $42.77, for a total transaction of $804,076.00. The disclosure for this sale can be found here. Insiders have sold 1,025,249 shares of company stock worth $48,987,398 over the last ninety days. Company insiders own 0.03% of the company’s stock.

Several hedge funds have recently made changes to their positions in CRC. State Street Corp lifted its position in California Resources by 86.9% during the 4th quarter. State Street Corp now owns 2,722,208 shares of the oil and gas producer’s stock worth $116,266,000 after buying an additional 1,266,053 shares in the last quarter. Senator Investment Group LP bought a new stake in shares of California Resources in the 3rd quarter valued at about $41,000,000. Bank of America Corp DE raised its holdings in shares of California Resources by 2,918.9% in the 4th quarter. Bank of America Corp DE now owns 1,027,439 shares of the oil and gas producer’s stock valued at $43,882,000 after purchasing an additional 993,406 shares during the period. Millennium Management LLC raised its holdings in California Resources by 572.2% in the 3rd quarter. Millennium Management LLC now owns 1,075,598 shares of the oil and gas producer’s stock valued at $44,100,000 after acquiring an additional 915,598 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in California Resources by 696.7% in the 1st quarter. Principal Financial Group Inc. now owns 792,391 shares of the oil and gas producer’s stock valued at $35,443,000 after acquiring an additional 692,931 shares during the period. 92.24% of the stock is owned by institutional investors.

About California Resources (Get Rating)

California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, 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.

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