Brokerages Set California Resources Co. (NYSE:CRC) PT at $62.13

Shares of California Resources Co. (NYSE:CRC) have earned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $62.13.

Several research firms have recently commented on CRC. TD Cowen started coverage on shares of California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 price objective on shares of California Resources in a report on Monday, August 12th. Barclays decreased their target price on California Resources from $62.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Mizuho raised their price target on California Resources from $63.00 to $64.00 and gave the company a “buy” rating in a report on Monday, May 13th. Finally, Stifel Nicolaus upped their price objective on California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd.

Insider Activity

In related news, Director Mark Allen Mcfarland sold 37,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total transaction of $1,779,700.00. Following the completion of the transaction, the director now owns 104,939 shares in the company, valued at approximately $5,047,565.90. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other California Resources news, Director Mark Allen Mcfarland sold 37,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total value of $1,779,700.00. Following the sale, the director now owns 104,939 shares in the company, valued at $5,047,565.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Christian S. Kendall bought 20,895 shares of the stock in a transaction dated Tuesday, August 13th. The shares were bought at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the purchase, the director now directly owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. The disclosure for this purchase can be found here. Insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

A number of institutional investors have recently modified their holdings of CRC. Vanguard Group Inc. grew its stake in California Resources by 4.4% in the first quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock worth $446,326,000 after purchasing an additional 344,043 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of California Resources by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,576,306 shares of the oil and gas producer’s stock worth $190,328,000 after buying an additional 165,629 shares during the period. LSV Asset Management grew its position in shares of California Resources by 6.2% during the 4th quarter. LSV Asset Management now owns 3,125,466 shares of the oil and gas producer’s stock worth $170,900,000 after buying an additional 182,246 shares in the last quarter. American Century Companies Inc. increased its stake in shares of California Resources by 18.1% during the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock valued at $86,825,000 after buying an additional 250,367 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of California Resources by 10.7% in the second quarter. Victory Capital Management Inc. now owns 1,078,123 shares of the oil and gas producer’s stock valued at $57,378,000 after acquiring an additional 104,504 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Trading Down 2.0 %

California Resources stock opened at $49.47 on Friday. California Resources has a 12-month low of $43.09 and a 12-month high of $58.44. The firm has a market capitalization of $3.39 billion, a price-to-earnings ratio of 14.17, a P/E/G ratio of 0.83 and a beta of 0.98. The firm has a 50 day moving average of $50.31 and a 200 day moving average of $51.38. The company has a current ratio of 1.41, a quick ratio of 1.29 and a debt-to-equity ratio of 0.26.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.36). California Resources had a net margin of 11.34% and a return on equity of 11.00%. The firm had revenue of $514.00 million for the quarter, compared to the consensus estimate of $477.07 million. During the same quarter in the previous year, the business earned $0.53 earnings per share. The firm’s revenue for the quarter was down 13.0% on a year-over-year basis. As a group, research analysts predict that California Resources will post 4.99 earnings per share for the current year.

California Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be paid a $0.3875 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.55 annualized dividend and a yield of 3.13%. This is an increase from California Resources’s previous quarterly dividend of $0.31. California Resources’s dividend payout ratio (DPR) is presently 44.41%.

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.