California Resources Co. (NYSE:CRC) Receives Consensus Recommendation of “Buy” from Analysts

Shares of California Resources Co. (NYSE:CRCGet Rating) have received an average rating of “Buy” from the eight brokerages that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $57.80.

Several equities research analysts have issued reports on the stock. Zacks Investment Research cut shares of California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, May 10th. TheStreet lowered shares of California Resources from a “c” rating to a “d” rating in a research note on Thursday, May 5th. StockNews.com downgraded shares of California Resources from a “strong-buy” rating to a “buy” rating in a report on Friday, April 15th. Citigroup assumed coverage on shares of California Resources in a report on Tuesday, May 10th. They set a “buy” rating and a $60.00 price target on the stock. Finally, KeyCorp increased their price target on shares of California Resources from $50.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, April 8th.

CRC stock traded up $1.94 on Wednesday, hitting $49.81. The company had a trading volume of 17,482 shares, compared to its average volume of 677,388. California Resources has a 12-month low of $24.88 and a 12-month high of $50.44. The company has a current ratio of 0.69, a quick ratio of 0.65 and a debt-to-equity ratio of 0.41. The stock’s 50-day simple moving average is $43.41 and its 200 day simple moving average is $42.94. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 7.77 and a beta of 0.70.

California Resources (NYSE:CRCGet Rating) last issued its earnings results on Thursday, May 5th. The oil and gas producer reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.19). The company had revenue of $153.00 million during the quarter, compared to analysts’ expectations of $443.19 million. California Resources had a return on equity of 38.92% and a net margin of 31.63%. The company’s revenue for the quarter was down 57.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.22 EPS. Research analysts forecast that California Resources will post 6.5 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 16th. Shareholders 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 dividend yield of 1.37%. The ex-dividend date of this dividend is Tuesday, May 31st. California Resources’s dividend payout ratio is presently 10.64%.

In other news, major shareholder Goldentree Asset Management Lp sold 497,336 shares of the firm’s 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders have sold 940,955 shares of company stock valued at $45,320,579. Company insiders own 0.03% of the company’s stock.

Several large investors have recently modified their holdings of CRC. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of California Resources in the 4th quarter valued at $26,000. Spire Wealth Management acquired a new position in California Resources in the 4th quarter valued at $32,000. Bellwether Advisors LLC acquired a new position in California Resources in the 4th quarter valued at $77,000. Platinum Investment Management Ltd. acquired a new position in California Resources in the 1st quarter valued at $90,000. Finally, Point72 Hong Kong Ltd increased its stake in California Resources by 632.5% in the 3rd quarter. Point72 Hong Kong Ltd now owns 3,091 shares of the oil and gas producer’s stock valued at $127,000 after buying an additional 2,669 shares during the period. Institutional investors and hedge funds own 92.24% of the company’s stock.

California Resources Company Profile (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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Analyst Recommendations for California Resources (NYSE:CRC)

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