California Resources (NYSE:CRC) PT Raised to $69.00 at Stifel Nicolaus

California Resources (NYSE:CRC) had its target price upped by Stifel Nicolaus from $68.00 to $69.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the oil and gas producer’s stock.

CRC has been the subject of a number of other reports. Barclays began coverage on shares of California Resources in a research note on Wednesday, April 10th. They issued an equal weight rating and a $62.00 target price for the company. Mizuho reduced their target price on shares of California Resources from $69.00 to $63.00 and set a buy rating for the company in a research note on Friday, March 22nd. Bank of America lowered shares of California Resources from a buy rating to a neutral rating and dropped their price target for the company from $64.00 to $60.00 in a research report on Friday, January 5th. Finally, Royal Bank of Canada reissued an outperform rating and issued a $70.00 price target on shares of California Resources in a research report on Wednesday, March 6th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $63.57.

California Resources Price Performance

NYSE CRC opened at $55.76 on Tuesday. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $3.83 billion, a PE ratio of 7.22 and a beta of 1.02. The company has a 50 day moving average price of $54.02 and a two-hundred day moving average price of $52.71. California Resources has a 12-month low of $37.21 and a 12-month high of $58.44.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). The business had revenue of $726.00 million during the quarter, compared to analyst estimates of $553.47 million. California Resources had a net margin of 20.14% and a return on equity of 17.57%. California Resources’s revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.24 earnings per share. As a group, equities analysts predict that California Resources will post 5.99 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend was Tuesday, March 5th. California Resources’s dividend payout ratio is 16.06%.

Hedge Funds Weigh In On California Resources

Large investors have recently bought and sold shares of the stock. DAVENPORT & Co LLC raised its stake in California Resources by 179.8% during the 4th quarter. DAVENPORT & Co LLC now owns 420,946 shares of the oil and gas producer’s stock valued at $23,127,000 after purchasing an additional 270,508 shares during the last quarter. Cambria Investment Management L.P. raised its stake in California Resources by 8.5% during the 3rd quarter. Cambria Investment Management L.P. now owns 167,856 shares of the oil and gas producer’s stock valued at $9,402,000 after purchasing an additional 13,104 shares during the last quarter. Wellington Management Group LLP acquired a new position in California Resources during the 3rd quarter valued at $1,824,000. Lazard Asset Management LLC raised its stake in California Resources by 38.1% during the 3rd quarter. Lazard Asset Management LLC now owns 10,616 shares of the oil and gas producer’s stock valued at $594,000 after purchasing an additional 2,931 shares during the last quarter. Finally, Xponance Inc. acquired a new position in California Resources during the 3rd quarter valued at $241,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Company Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management 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.