California Resources (NYSE:CRC) Price Target Raised to $61.00 at Mizuho

California Resources (NYSE:CRC) had its price objective upped by Mizuho from $60.00 to $61.00 in a report published on Monday,Benzinga reports. The brokerage currently has an outperform rating on the oil and gas producer’s stock.

Several other equities research analysts have also issued reports on CRC. Royal Bank Of Canada dropped their price objective on California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, April 11th. Bank of America decreased their price objective on California Resources from $64.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, April 29th. Citigroup boosted their price target on California Resources from $36.00 to $44.00 and gave the company a “neutral” rating in a report on Monday, May 19th. Truist Financial upgraded California Resources to a “strong-buy” rating in a report on Tuesday, May 6th. Finally, Wall Street Zen downgraded California Resources from a “buy” rating to a “hold” rating in a research note on Sunday, June 29th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $62.00.

California Resources Stock Performance

Shares of CRC opened at $47.60 on Monday. The firm has a market capitalization of $4.24 billion, a P/E ratio of 8.64 and a beta of 1.16. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.74 and a current ratio of 0.83. The stock has a 50 day moving average price of $44.61 and a two-hundred day moving average price of $44.43. California Resources has a 52 week low of $30.97 and a 52 week high of $60.41.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.24. California Resources had a return on equity of 11.45% and a net margin of 13.70%. The firm had revenue of $912.00 million during the quarter, compared to analyst estimates of $862.14 million. During the same period last year, the company earned $0.75 earnings per share. The business’s revenue for the quarter was up 100.9% on a year-over-year basis. Equities analysts forecast that California Resources will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were issued a dividend of $0.3875 per share. The ex-dividend date was Friday, May 30th. This represents a $1.55 annualized dividend and a dividend yield of 3.26%. California Resources’s payout ratio is 28.13%.

Hedge Funds Weigh In On California Resources

A number of institutional investors have recently bought and sold shares of CRC. Atria Investments Inc grew its position in shares of California Resources by 17.1% during the fourth quarter. Atria Investments Inc now owns 4,674 shares of the oil and gas producer’s stock valued at $243,000 after purchasing an additional 683 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in California Resources by 37.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,930 shares of the oil and gas producer’s stock worth $878,000 after purchasing an additional 4,613 shares during the last quarter. Swiss National Bank lifted its stake in California Resources by 1.1% in the fourth quarter. Swiss National Bank now owns 123,300 shares of the oil and gas producer’s stock worth $6,398,000 after purchasing an additional 1,400 shares during the last quarter. Natixis Advisors LLC lifted its stake in California Resources by 10.2% in the fourth quarter. Natixis Advisors LLC now owns 12,164 shares of the oil and gas producer’s stock worth $631,000 after purchasing an additional 1,122 shares during the last quarter. Finally, Cibc World Markets Corp bought a new stake in shares of California Resources during the fourth quarter valued at approximately $335,000. 97.79% of the stock is owned by institutional investors.

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.