Analysts Set California Resources Co. (NYSE:CRC) PT at $59.64

California Resources Co. (NYSE:CRC) has been assigned an average rating of “Moderate Buy” from the thirteen brokerages that are covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $60.36.

Several equities research analysts recently commented on CRC shares. Barclays boosted their price objective on shares of California Resources from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Friday, May 9th. Royal Bank of Canada dropped their price objective on shares of California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, April 11th. Bank of America decreased their target price on shares of California Resources from $64.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, April 29th. Citigroup lifted their target price on shares of California Resources from $36.00 to $44.00 and gave the stock a “neutral” rating in a report on Monday. Finally, UBS Group lifted their target price on shares of California Resources from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, May 8th.

Insider Activity

In other California Resources news, Director James N. Chapman bought 2,000 shares of California Resources stock in a transaction on Wednesday, March 5th. The stock was acquired at an average cost of $39.42 per share, with a total value of $78,840.00. Following the completion of the acquisition, the director now owns 43,445 shares in the company, valued at approximately $1,712,601.90. This represents a 4.83% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.03% of the stock is owned by corporate insiders.

Institutional Trading of California Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Entropy Technologies LP purchased a new stake in California Resources during the fourth quarter valued at approximately $841,000. Bank of New York Mellon Corp increased its holdings in California Resources by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer’s stock valued at $38,350,000 after buying an additional 14,240 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in California Resources by 1.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer’s stock valued at $2,869,000 after buying an additional 649 shares during the last quarter. Empowered Funds LLC increased its holdings in California Resources by 84.3% during the fourth quarter. Empowered Funds LLC now owns 48,929 shares of the oil and gas producer’s stock valued at $2,539,000 after buying an additional 22,383 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in California Resources by 518.4% during the fourth quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer’s stock valued at $88,000 after buying an additional 1,410 shares during the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Trading Up 0.5%

Shares of CRC opened at $43.40 on Friday. California Resources has a 1-year low of $30.97 and a 1-year high of $60.41. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm’s 50-day moving average price is $39.05 and its 200-day moving average price is $47.25. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of 6.83, a PEG ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, topping the consensus estimate of $0.83 by $0.24. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business had revenue of $912.00 million for the quarter, compared to analyst estimates of $862.14 million. During the same quarter in the previous year, the firm posted $0.75 earnings per share. California Resources’s quarterly revenue was up 100.9% on a year-over-year basis. Sell-side analysts anticipate that California Resources will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.3875 per share. The ex-dividend date is Friday, May 30th. This represents a $1.55 annualized dividend and a dividend yield of 3.57%. California Resources’s payout ratio is 28.13%.

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.