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

Shares of California Resources Co. (NYSE:CRC) have earned a consensus recommendation of “Moderate Buy” from the seven research firms that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $63.57.

A number of brokerages have issued reports on CRC. Stifel Nicolaus lifted their price target on shares of California Resources from $68.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Barclays initiated coverage on shares of California Resources in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price objective for the company. Royal Bank of Canada restated an “outperform” rating and set a $70.00 target price on shares of California Resources in a research report on Wednesday, March 6th. Finally, Mizuho decreased their price objective on California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd.

Hedge Funds Weigh In On California Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. LSV Asset Management raised its position in California Resources by 102.0% during the 3rd quarter. LSV Asset Management now owns 2,943,220 shares of the oil and gas producer’s stock worth $164,850,000 after buying an additional 1,485,970 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in California Resources by 71.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,965,476 shares of the oil and gas producer’s stock valued at $107,472,000 after purchasing an additional 821,827 shares during the last quarter. Victory Capital Management Inc. grew its position in California Resources by 229.6% during the 4th quarter. Victory Capital Management Inc. now owns 885,906 shares of the oil and gas producer’s stock worth $48,441,000 after purchasing an additional 617,084 shares during the period. Hennessy Advisors Inc. purchased a new position in shares of California Resources during the 4th quarter valued at about $20,713,000. Finally, Vest Financial LLC lifted its holdings in shares of California Resources by 7,345.1% in the 1st quarter. Vest Financial LLC now owns 340,168 shares of the oil and gas producer’s stock valued at $18,743,000 after buying an additional 335,599 shares during the period. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Stock Up 0.5 %

Shares of NYSE:CRC opened at $52.94 on Wednesday. The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of 6.86 and a beta of 1.03. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.24. California Resources has a 12-month low of $37.21 and a 12-month high of $58.44. The stock has a fifty day simple moving average of $53.93 and a two-hundred day simple moving average of $52.60.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). The company had revenue of $726.00 million for the quarter, compared to analysts’ expectations of $553.47 million. California Resources had a net margin of 20.14% and a return on equity of 17.57%. California Resources’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.24 earnings per share. On average, research analysts anticipate that California Resources will post 4.64 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were paid a dividend of $0.31 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.34%. California Resources’s payout ratio is 16.06%.

About California Resources

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.