California Resources (NYSE:CRC) Price Target Raised to $57.00

California Resources (NYSE:CRC) had its price objective hoisted by Barclays from $55.00 to $57.00 in a report issued on Thursday, Benzinga reports. Barclays currently has an equal weight rating on the oil and gas producer’s stock.

A number of other equities research analysts have also recently issued reports on CRC. TD Cowen started coverage on California Resources in a report on Friday, August 2nd. They set a buy rating and a $65.00 price objective for the company. Citigroup boosted their price target on California Resources from $63.00 to $65.00 and gave the company a buy rating in a research note on Thursday, September 5th. Bank of America upgraded California Resources from a neutral rating to a buy rating and increased their price objective for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Finally, Royal Bank of Canada reissued an outperform rating and issued a $65.00 target price on shares of California Resources in a research report on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $64.29.

California Resources Stock Performance

CRC opened at $54.25 on Thursday. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. California Resources has a 12-month low of $43.09 and a 12-month high of $57.88. The business has a 50 day moving average of $50.39 and a 200-day moving average of $51.11. The stock has a market cap of $3.72 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 1.31 and a beta of 0.98.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.36). California Resources had a net margin of 7.61% and a return on equity of 11.27%. The business had revenue of $514.00 million for the quarter, compared to analyst estimates of $477.07 million. During the same period in the prior year, the business earned $0.53 EPS. The company’s revenue for the quarter was down 13.0% compared to the same quarter last year. On average, equities research analysts expect that California Resources will post 3.45 earnings per share for the current year.

California Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 2.86%. This is an increase from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Friday, August 30th. California Resources’s dividend payout ratio is presently 44.41%.

Insider Activity

In other news, Director Christian S. Kendall purchased 20,895 shares of California Resources stock in a transaction that occurred on Tuesday, August 13th. The shares were acquired at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the transaction, the director now owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. The trade was a 500.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other California Resources news, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the completion of the transaction, the chief executive officer now owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christian S. Kendall bought 20,895 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was bought at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the acquisition, the director now directly owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. The trade was a 500.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

A number of institutional investors have recently added to or reduced their stakes in the stock. TFO Wealth Partners LLC boosted its position in California Resources by 67,800.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock valued at $74,000 after buying an additional 1,356 shares in the last quarter. Privium Fund Management B.V. bought a new stake in California Resources during the 2nd quarter worth $258,000. Hyperion Capital Advisors LP bought a new stake in California Resources during the 1st quarter worth $275,000. AlphaMark Advisors LLC acquired a new position in California Resources in the 2nd quarter worth about $320,000. Finally, Shell Asset Management Co. raised its position in California Resources by 99.8% in the first quarter. Shell Asset Management Co. now owns 6,311 shares of the oil and gas producer’s stock valued at $348,000 after purchasing an additional 3,153 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

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.