California Resources (NYSE:CRC) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of California Resources (NYSE:CRCGet Rating) from a hold rating to a buy rating in a report issued on Thursday.

A number of other equities research analysts have also recently issued reports on the company. TheStreet upgraded California Resources from a d rating to a c- rating in a report on Friday, August 19th. MKM Partners restated a buy rating and set a $48.00 price objective on shares of California Resources in a report on Wednesday, July 20th. Finally, Bank of America cut California Resources from a buy rating to an underperform rating and set a $49.00 price objective for the company. in a report on Tuesday, July 19th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $52.00.

California Resources Trading Down 2.4 %

California Resources stock opened at $40.25 on Thursday. California Resources has a 52 week low of $35.95 and a 52 week high of $51.46. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.66 and a current ratio of 0.70. The stock has a market capitalization of $3.03 billion, a P/E ratio of 3.97 and a beta of 0.89. The stock has a 50-day simple moving average of $44.95 and a 200 day simple moving average of $43.61.

California Resources (NYSE:CRCGet Rating) last posted its quarterly earnings results on Wednesday, August 3rd. The oil and gas producer reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.83). California Resources had a return on equity of 35.57% and a net margin of 39.21%. The business had revenue of $747.00 million for the quarter. Analysts expect that California Resources will post 6.06 earnings per share for the current year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Thursday, September 1st were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.69%. The ex-dividend date was Wednesday, August 31st. California Resources’s dividend payout ratio (DPR) is currently 6.71%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Private Trust Co. NA acquired a new position in California Resources during the second quarter valued at approximately $77,000. Hussman Strategic Advisors Inc. raised its position in California Resources by 140.0% during the second quarter. Hussman Strategic Advisors Inc. now owns 62,400 shares of the oil and gas producer’s stock valued at $2,402,000 after purchasing an additional 36,400 shares in the last quarter. Intersect Capital LLC acquired a new position in California Resources during the second quarter valued at approximately $263,000. Prelude Capital Management LLC increased its holdings in shares of California Resources by 21.8% during the second quarter. Prelude Capital Management LLC now owns 37,465 shares of the oil and gas producer’s stock worth $1,442,000 after buying an additional 6,711 shares in the last quarter. Finally, Captrust Financial Advisors increased its holdings in shares of California Resources by 69.1% during the second quarter. Captrust Financial Advisors now owns 1,454 shares of the oil and gas producer’s stock worth $56,000 after buying an additional 594 shares in the last quarter.

About California Resources

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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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