California Resources (NYSE:CRC) Receives New Coverage from Analysts at Mizuho

Posted by Defense World Staff on Jan 10th, 2023

Mizuho initiated coverage on shares of California Resources (NYSE:CRC – Get Rating) in a report published on Monday, The Fly reports. The brokerage issued a buy rating on the oil and gas producer’s stock.

Other equities analysts have also recently issued research reports about the stock. StockNews.com cut shares of California Resources from a buy rating to a hold rating in a research report on Wednesday, October 19th. Stifel Nicolaus assumed coverage on shares of California Resources in a research report on Wednesday, October 19th. They set a buy rating and a $63.00 price objective for the company. Finally, Bank of America raised shares of California Resources from an underperform rating to a neutral rating and lifted their price objective for the stock from $49.00 to $58.00 in a research report on Tuesday, November 15th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $56.00.

California Resources Stock Performance

Shares of CRC stock opened at $42.99 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.95 and a debt-to-equity ratio of 0.32. California Resources has a 52 week low of $35.95 and a 52 week high of $51.46. The stock has a market capitalization of $3.16 billion, a PE ratio of 2.97 and a beta of 1.20. The firm has a 50 day moving average of $44.15 and a two-hundred day moving average of $43.42.

California Resources (NYSE:CRC – Get Rating) last issued its quarterly earnings results on Thursday, November 3rd. The oil and gas producer reported $1.45 EPS for the quarter, beating the consensus estimate of $1.28 by $0.17. California Resources had a net margin of 43.44% and a return on equity of 28.71%. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $755.00 million. On average, research analysts predict that California Resources will post 5.18 EPS for the current fiscal year.

California Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 16th. Investors of record on Thursday, December 1st were given a $0.282 dividend. The ex-dividend date of this dividend was Wednesday, November 30th. This is a boost from California Resources’s previous quarterly dividend of $0.17. This represents a $1.13 dividend on an annualized basis and a yield of 2.62%. California Resources’s payout ratio is 7.81%.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in California Resources in the second quarter valued at $922,000. New York State Teachers Retirement System acquired a new position in California Resources in the second quarter valued at $277,000. Thomist Capital Management LP acquired a new position in California Resources in the second quarter valued at $7,857,000. Private Management Group Inc. increased its stake in California Resources by 26.3% in the second quarter. Private Management Group Inc. now owns 789,190 shares of the oil and gas producer’s stock valued at $30,384,000 after purchasing an additional 164,574 shares during the period. Finally, Penn Capital Management Company LLC increased its stake in California Resources by 5.4% in the second quarter. Penn Capital Management Company LLC now owns 293,236 shares of the oil and gas producer’s stock valued at $11,290,000 after purchasing an additional 14,982 shares during the period.

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.