California Resources (NYSE:CRC) Price Target Raised to $72.00

California Resources (NYSE:CRC) had its price objective raised by Mizuho from $71.00 to $72.00 in a research report released on Friday, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the oil and gas producer’s stock.

A number of other research analysts have also issued reports on CRC. Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a research note on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on California Resources from $64.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Jefferies Financial Group set a $71.00 price objective on California Resources and gave the stock a “buy” rating in a research note on Sunday, September 21st. Roth Capital set a $63.00 target price on California Resources in a research note on Monday, September 15th. Finally, Barclays raised their target price on California Resources from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.36.

California Resources Stock Up 2.5%

CRC opened at $48.32 on Friday. The business has a 50 day moving average price of $47.82 and a 200 day moving average price of $48.59. California Resources has a twelve month low of $30.97 and a twelve month high of $58.41. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 0.89. The firm has a market cap of $4.05 billion, a P/E ratio of 11.24 and a beta of 1.15.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 EPS for the quarter, beating the consensus estimate of $1.31 by $0.15. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The company had revenue of $855.00 million for the quarter, compared to the consensus estimate of $888.58 million. During the same quarter last year, the company posted $1.50 earnings per share. The company’s revenue for the quarter was down 36.8% compared to the same quarter last year. Research analysts forecast that California Resources will post 3.85 EPS for the current year.

California Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a $0.405 dividend. This is a positive change from California Resources’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.62 annualized dividend and a yield of 3.4%. California Resources’s payout ratio is currently 37.67%.

Institutional Trading of California Resources

A number of institutional investors and hedge funds have recently modified their holdings of the company. Clearstead Advisors LLC lifted its position in California Resources by 82.5% in the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after purchasing an additional 226 shares during the period. Salomon & Ludwin LLC bought a new stake in California Resources in the 3rd quarter valued at $29,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of California Resources in the 2nd quarter valued at $35,000. Allworth Financial LP lifted its holdings in shares of California Resources by 328.6% during the 3rd quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer’s stock worth $41,000 after acquiring an additional 598 shares during the period. Finally, Nomura Asset Management Co. Ltd. lifted its holdings in shares of California Resources by 97.9% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock worth $42,000 after acquiring an additional 460 shares during the period. 97.79% of the stock is currently owned by institutional investors.

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.