California Resources Corporation (NYSE:CRC) Given Average Recommendation of “Buy” by Brokerages

Shares of California Resources Corporation (NYSE:CRC) have been assigned an average recommendation of “Buy” from the thirteen brokerages that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, ten have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $62.27.

Several research analysts recently commented on the company. Bank of America reduced 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. Royal Bank Of Canada decreased their target price on shares of California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, April 11th. Roth Capital reissued a “buy” rating on shares of California Resources in a research note on Saturday, July 19th. Wall Street Zen cut shares of California Resources from a “buy” rating to a “hold” rating in a research note on Sunday, June 29th. Finally, UBS Group raised their target price on shares of California Resources from $51.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, July 14th.

Institutional Investors Weigh In On California Resources

Hedge funds have recently added to or reduced their stakes in the business. Larson Financial Group LLC lifted its holdings in shares of California Resources by 269.4% during 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 in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of California Resources during the second quarter worth $35,000. Harbor Capital Advisors Inc. lifted its holdings in shares of California Resources by 68.8% during the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock worth $34,000 after buying an additional 316 shares in the last quarter. Lazard Asset Management LLC lifted its holdings 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 buying an additional 1,571 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of California Resources during the first quarter worth $79,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Price Performance

NYSE CRC opened at $48.16 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.83 and a debt-to-equity ratio of 0.25. California Resources has a 12-month low of $30.97 and a 12-month high of $60.41. The company has a market capitalization of $4.29 billion, a PE ratio of 8.74 and a beta of 1.16. The firm’s 50 day moving average is $46.52 and its 200-day moving average is $44.25.

California Resources (NYSE:CRC) last posted its quarterly earnings data 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. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The company had revenue of $912.00 million for the quarter, compared to the consensus estimate of $862.14 million. During the same period last year, the company earned $0.75 earnings per share. The firm’s revenue was up 100.9% compared to the same quarter last year. Equities research analysts anticipate that California Resources will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were issued a dividend of $0.3875 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.55 annualized dividend and a yield of 3.2%. California Resources’s dividend payout ratio (DPR) is currently 28.13%.

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.