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

Shares of California Resources Co. (NYSE:CRC) have been given an average recommendation of “Buy” by the seven brokerages that are currently covering the company, Marketbeat.com reports. Seven equities research analysts have rated the stock with a buy rating. The average 12-month price target among brokers that have issued a report on the stock in the last year is $64.67.

A number of analysts recently weighed in on CRC shares. Mizuho restated a “buy” rating and issued a $70.00 price target on shares of California Resources in a research note on Monday, September 25th. StockNews.com initiated coverage on California Resources in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Bank of America lifted their price objective on California Resources from $63.00 to $64.00 in a report on Wednesday, September 27th. Stifel Nicolaus lifted their price objective on California Resources from $60.00 to $68.00 and gave the stock a “buy” rating in a report on Monday, August 21st. Finally, Citigroup lifted their price objective on California Resources from $56.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, August 14th.

California Resources Trading Up 3.3 %

Shares of CRC stock opened at $52.04 on Wednesday. The business’s 50 day moving average is $54.36 and its two-hundred day moving average is $49.27. California Resources has a twelve month low of $34.02 and a twelve month high of $58.44. The company has a market capitalization of $3.57 billion, a P/E ratio of 8.35 and a beta of 1.16. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 0.29.

California Resources (NYSE:CRC) last announced its earnings results on Wednesday, November 1st. The oil and gas producer reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.23. California Resources had a return on equity of 19.62% and a net margin of 16.65%. The company had revenue of $460.00 million for the quarter, compared to the consensus estimate of $524.16 million. During the same period last year, the business posted $1.45 EPS. The company’s revenue was down 59.1% on a year-over-year basis. Equities analysts forecast that California Resources will post 5.07 EPS for the current year.

California Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.38%. This is a boost from California Resources’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Thursday, November 30th. California Resources’s payout ratio is 18.14%.

Hedge Funds Weigh In On California Resources

Several institutional investors have recently added to or reduced their stakes in CRC. Nomura Asset Management Co. Ltd. acquired a new position in California Resources in the first quarter valued at $25,000. Quadrant Capital Group LLC acquired a new position in California Resources in the second quarter valued at $29,000. Sunbelt Securities Inc. acquired a new position in California Resources in the first quarter valued at $29,000. Gladius Capital Management LP acquired a new position in California Resources in the first quarter valued at $36,000. Finally, Headlands Technologies LLC acquired a new position in California Resources in the third quarter valued at $45,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

About California Resources

California Resources Corporation operates as an independent oil and natural gas exploration and production company in the United States. The company explores, produces, 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.