Brokerages Set California Resources Corporation (NYSE:CRC) PT at $71.90

Shares of California Resources Corporation (NYSE:CRC) have been assigned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are presently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, one has given a hold recommendation, ten have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $73.0909.

Several equities analysts recently commented on the company. Citigroup cut their target price on California Resources from $78.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Mizuho upped their price target on California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Weiss Ratings lowered California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, July 14th. Stephens set a $85.00 price objective on California Resources and gave the company an “overweight” rating in a report on Friday. Finally, Barclays boosted their target price on shares of California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th.

Insider Transactions at California Resources

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the business’s stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president directly owned 159,424 shares in the company, valued at $8,608,896. The trade was a 6.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by corporate insiders.

Institutional Trading of California Resources

Several large investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its stake in shares of California Resources by 200.7% in the fourth 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 acquiring an additional 1,564,866 shares during the last quarter. Channing Capital Management LLC grew its position in California Resources by 1,263.4% during the 4th quarter. Channing Capital Management LLC now owns 1,590,707 shares of the oil and gas producer’s stock worth $71,121,000 after acquiring an additional 1,474,037 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in California Resources during the 1st quarter worth approximately $62,698,000. Sourcerock Group LLC grew its position in California Resources by 63.8% during the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock worth $91,370,000 after acquiring an additional 779,280 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in California Resources by 155.8% during the 2nd quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock valued at $48,527,000 after purchasing an additional 647,190 shares in the last quarter. 97.79% of the stock is owned by institutional investors.

California Resources Stock Down 0.1%

Shares of CRC opened at $52.80 on Friday. The stock has a market cap of $4.69 billion, a price-to-earnings ratio of -10.15 and a beta of 0.92. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. California Resources has a 12 month low of $43.24 and a 12 month high of $71.98. The company has a 50-day moving average price of $56.83 and a two-hundred day moving average price of $57.99.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.88. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The company had revenue of $119.00 million for the quarter, compared to the consensus estimate of $947.50 million. During the same period in the previous year, the business earned $1.07 earnings per share. The company’s quarterly revenue was down 87.0% on a year-over-year basis. Equities analysts predict that California Resources will post 4.02 EPS for the current fiscal year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, May 29th were given a dividend of $0.405 per share. The ex-dividend date was Friday, May 29th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.1%. California Resources’s dividend payout ratio (DPR) is -31.15%.

About California Resources

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.