California Resources Co. (NYSE:CRC) Receives $61.27 Consensus Target Price from Analysts

California Resources Co. (NYSE:CRC) has earned an average recommendation of “Buy” from the thirteen ratings firms that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $61.27.

Several equities research analysts have commented on CRC shares. Mizuho decreased their target price on shares of California Resources from $64.00 to $60.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. Roth Capital reiterated a “buy” rating on shares of California Resources in a research report on Wednesday, May 7th. Truist Financial raised shares of California Resources to a “strong-buy” rating in a research note on Tuesday, May 6th. UBS Group raised their price target on California Resources from $49.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. Finally, Royal Bank of Canada reduced their target price on shares of California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, April 11th.

California Resources Trading Up 2.2%

Shares of California Resources stock opened at $47.27 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The company has a market capitalization of $4.22 billion, a P/E ratio of 7.44, a PEG ratio of 1.02 and a beta of 1.17. California Resources has a 1 year low of $30.97 and a 1 year high of $60.41. The company’s fifty day moving average is $39.73 and its two-hundred day moving average is $45.58.

California Resources (NYSE:CRC) last released its quarterly earnings results 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. The business had revenue of $912.00 million during the quarter, compared to analysts’ expectations of $862.14 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company’s quarterly revenue was up 100.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.75 earnings per share. Analysts forecast that California Resources will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were given a dividend of $0.3875 per share. The ex-dividend date was Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.28%. California Resources’s payout ratio is currently 28.13%.

Institutional Trading of California Resources

Several large investors have recently modified their holdings of the business. Larson Financial Group LLC increased its stake in shares of California Resources by 269.4% in the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer’s stock worth $28,000 after buying an additional 466 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in shares of California Resources by 68.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock worth $34,000 after purchasing an additional 316 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of California Resources by 331.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock valued at $53,000 after purchasing an additional 812 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of California Resources in the 1st quarter valued at about $79,000. Finally, Lazard Asset Management LLC lifted its position in shares of California Resources by 52,366.7% during the fourth quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer’s stock worth $81,000 after purchasing an additional 1,571 shares during the last quarter. 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, 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.