California Resources (NYSE:CRC) Given New $82.00 Price Target at UBS Group

California Resources (NYSE:CRC) had its target price increased by UBS Group from $81.00 to $82.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a buy rating on the oil and gas producer’s stock.

A number of other analysts have also issued reports on CRC. Royal Bank Of Canada set a $70.00 target price on shares of California Resources in a research note on Monday, January 5th. TD Cowen raised shares of California Resources to a “strong-buy” rating in a research note on Monday, February 9th. Barclays boosted their target price on shares of California Resources from $67.00 to $72.00 and gave the company an “overweight” rating in a research note on Monday, March 16th. Wall Street Zen raised shares of California Resources from a “sell” rating to a “hold” rating in a research note on Monday, April 6th. Finally, Zacks Research raised shares of California Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 27th. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $71.20.

California Resources Stock Down 2.0%

Shares of CRC opened at $65.24 on Monday. The firm has a market capitalization of $5.79 billion, a P/E ratio of 15.99 and a beta of 1.04. California Resources has a 12-month low of $33.69 and a 12-month high of $71.98. The company has a current ratio of 0.89, a quick ratio of 0.79 and a debt-to-equity ratio of 0.35. The firm has a fifty day moving average price of $61.93 and a 200-day moving average price of $52.79.

California Resources (NYSE:CRC) last issued its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The company had revenue of $924.00 million for the quarter, compared to analysts’ expectations of $789.67 million. California Resources had a net margin of 9.89% and a return on equity of 10.23%. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 earnings per share. Equities research analysts expect that California Resources 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, March 20th. Investors of record on Friday, March 13th were paid a $0.405 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.62 dividend on an annualized basis and a yield of 2.5%. California Resources’s dividend payout ratio is 39.71%.

Insider Buying and Selling at California Resources

In related news, EVP Christopher D. Gould sold 24,347 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $62.21, for a total value of $1,514,626.87. Following the completion of the sale, the executive vice president directly owned 131,537 shares of the company’s stock, valued at $8,182,916.77. This represents a 15.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark Allen Mcfarland sold 16,372 shares of the company’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $64.83, for a total transaction of $1,061,396.76. Following the completion of the sale, the director directly owned 76,265 shares of the company’s stock, valued at approximately $4,944,259.95. This trade represents a 17.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 72,283 shares of company stock valued at $4,636,646 in the last ninety days. 0.53% of the stock is owned by insiders.

Institutional Trading of California Resources

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of California Resources by 6.4% in the 4th quarter. Vanguard Group Inc. now owns 8,775,097 shares of the oil and gas producer’s stock valued at $392,335,000 after buying an additional 529,814 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of California Resources by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer’s stock valued at $186,968,000 after buying an additional 632,170 shares in the last quarter. State Street Corp boosted its holdings in shares of California Resources by 14.7% in the 4th quarter. State Street Corp now owns 3,842,223 shares of the oil and gas producer’s stock valued at $171,786,000 after buying an additional 491,751 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of California Resources by 5.6% in the 3rd quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer’s stock valued at $159,882,000 after buying an additional 159,708 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of California Resources by 200.7% in the 4th quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer’s stock valued at $104,822,000 after buying an additional 1,564,866 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.