California Resources (NYSE:CRC) Given “Outperform” Rating at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of California Resources (NYSE:CRC) in a report released on Monday morning, Benzinga reports. They currently have a $65.00 target price on the oil and gas producer’s stock.

Several other equities analysts have also issued reports on CRC. Stifel Nicolaus boosted their price objective on California Resources from $68.00 to $69.00 and gave the company a buy rating in a research report on Tuesday, April 23rd. Citigroup assumed coverage on shares of California Resources in a research report on Friday, July 19th. They issued a buy rating and a $63.00 price objective on the stock. TD Cowen initiated coverage on shares of California Resources in a research note on Friday, August 2nd. They issued a buy rating and a $65.00 target price for the company. Barclays dropped their price target on California Resources from $62.00 to $55.00 and set an equal weight rating on the stock in a research note on Thursday, August 8th. Finally, Mizuho upped their price objective on California Resources from $63.00 to $64.00 and gave the stock a buy rating in a research report on Monday, May 13th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $62.13.

California Resources Trading Up 3.1 %

CRC opened at $50.47 on Monday. The firm’s fifty day moving average is $50.13 and its two-hundred day moving average is $51.32. The firm has a market cap of $3.46 billion, a PE ratio of 14.46, a price-to-earnings-growth ratio of 0.83 and a beta of 0.98. California Resources has a twelve month low of $43.09 and a twelve month high of $58.44. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.29 and a current ratio of 1.41.

California Resources (NYSE:CRC) last issued 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 return on equity of 11.00% and a net margin of 11.34%. 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 previous year, the business posted $0.53 EPS. The business’s quarterly revenue was down 13.0% compared to the same quarter last year. Equities research analysts anticipate that California Resources will post 4.99 EPS for the current year.

California Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be given a $0.3875 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.07%. This is an increase from California Resources’s previous quarterly dividend of $0.31. California Resources’s payout ratio is currently 44.41%.

Insider Buying and Selling

In other news, Director Christian S. Kendall bought 20,895 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were acquired at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the acquisition, the director now owns 24,600 shares in the company, valued at $1,180,062. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related 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 approximately $5,047,565.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Christian S. Kendall acquired 20,895 shares of California Resources stock in a transaction on 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 transaction, the director now owns 24,600 shares of the company’s stock, valued at $1,180,062. The disclosure for this purchase can be found here. 0.03% of the stock is currently owned by corporate insiders.

Institutional Trading of California Resources

A number of hedge funds have recently modified their holdings of CRC. Allspring Global Investments Holdings LLC increased its stake in shares of California Resources by 638.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 89,784 shares of the oil and gas producer’s stock worth $4,909,000 after purchasing an additional 77,628 shares during the period. Louisiana State Employees Retirement System bought a new position in California Resources during the 4th quarter worth $1,766,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of California Resources by 10.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,927 shares of the oil and gas producer’s stock worth $652,000 after buying an additional 1,115 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of California Resources by 1.0% in the fourth quarter. Federated Hermes Inc. now owns 224,799 shares of the oil and gas producer’s stock valued at $12,292,000 after acquiring an additional 2,148 shares during the period. Finally, Jennison Associates LLC bought a new stake in California Resources in the 4th quarter valued at about $5,585,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

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.