California Resources (NYSE:CRC) Trading 7.8% Higher After Analyst Upgrade

Shares of California Resources Corporation (NYSE:CRC) traded up 7.8% during mid-day trading on Friday after Citigroup raised their price target on the stock from $44.00 to $47.00. Citigroup currently has a neutral rating on the stock. California Resources traded as high as $52.64 and last traded at $51.76. 1,291,103 shares changed hands during mid-day trading, an increase of 53% from the average session volume of 843,688 shares. The stock had previously closed at $48.03.

CRC has been the subject of several other research reports. Roth Capital reiterated a “buy” rating on shares of California Resources in a research report on Wednesday, May 7th. Royal Bank Of Canada dropped their price target on California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, April 11th. Mizuho lifted their price target on California Resources from $60.00 to $61.00 and gave the stock an “outperform” rating in a research report on Monday, July 14th. Bank of America dropped their price target on California Resources from $64.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, April 29th. Finally, Barclays upgraded California Resources from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $50.00 to $60.00 in a research report on Friday, May 30th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, California Resources currently has a consensus rating of “Buy” and a consensus price target of $62.27.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Summit Investment Advisors Inc. boosted its holdings in shares of California Resources by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,217 shares of the oil and gas producer’s stock valued at $374,000 after purchasing an additional 228 shares during the period. SummerHaven Investment Management LLC boosted its holdings in shares of California Resources by 1.9% in the first quarter. SummerHaven Investment Management LLC now owns 15,335 shares of the oil and gas producer’s stock valued at $674,000 after purchasing an additional 293 shares during the period. New York State Teachers Retirement System boosted its holdings in shares of California Resources by 1.4% in the first quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer’s stock valued at $967,000 after purchasing an additional 300 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in shares of California Resources by 68.8% in the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock valued at $34,000 after purchasing an additional 316 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted its holdings in shares of California Resources by 5.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 6,929 shares of the oil and gas producer’s stock valued at $360,000 after purchasing an additional 372 shares during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Stock Up 6.8%

The company has a debt-to-equity ratio of 0.25, a current ratio of 0.83 and a quick ratio of 0.74. The stock has a market cap of $4.58 billion, a PE ratio of 9.31 and a beta of 1.16. The business has a fifty day moving average of $45.37 and a 200-day moving average of $44.44.

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

California Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were paid a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date was Friday, May 30th. California Resources’s dividend payout ratio (DPR) 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.