California Resources (NYSE:CRC) Research Coverage Started at Stephens

Stephens assumed coverage on shares of California Resources (NYSE:CRC) in a research report report published on Tuesday morning, Marketbeat.com reports. The brokerage issued an overweight rating and a $73.00 price objective on the oil and gas producer’s stock.

Other equities analysts also recently issued research reports about the stock. Citigroup raised their target price on shares of 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 boosted their price objective for the stock from $57.00 to $65.00 in a research note on Wednesday, August 21st. Barclays increased their target price on California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. TD Cowen assumed coverage on California Resources in a research report on Friday, August 2nd. They set a “buy” rating and a $65.00 price target on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $65.00 price target on shares of California Resources in a report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, California Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.50.

California Resources Price Performance

CRC stock opened at $53.12 on Tuesday. The stock has a 50-day moving average price of $51.53 and a two-hundred day moving average price of $50.89. The company has a market cap of $3.64 billion, a PE ratio of 15.22, a price-to-earnings-growth ratio of 1.27 and a beta of 0.98. The company has a current ratio of 2.43, a quick ratio of 2.33 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.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.36). The firm had revenue of $514.00 million for the quarter, compared to analysts’ expectations of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The firm’s revenue for the quarter was down 13.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.53 EPS. As a group, research analysts predict that California Resources will post 3.45 EPS for the current year.

California Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a dividend of $0.3875 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.92%. 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%.

Insider Activity at California Resources

In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the transaction, the vice president now directly owns 17,301 shares of the company’s stock, valued at $916,953. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Noelle M. Repetti sold 10,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the transaction, the vice president now owns 17,301 shares of the company’s stock, valued at approximately $916,953. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Christian S. Kendall purchased 20,895 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average price 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. This represents a 500.00 % increase in their position. The disclosure for this purchase can be found here. 0.03% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. Hennessy Advisors Inc. increased its stake in California Resources by 14.1% during the first quarter. Hennessy Advisors Inc. now owns 432,200 shares of the oil and gas producer’s stock valued at $23,814,000 after purchasing an additional 53,400 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of California Resources by 21.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 109,269 shares of the oil and gas producer’s stock valued at $6,021,000 after buying an additional 19,485 shares during the last quarter. DAVENPORT & Co LLC raised its stake in California Resources by 49.1% during the first quarter. DAVENPORT & Co LLC now owns 627,553 shares of the oil and gas producer’s stock worth $34,472,000 after acquiring an additional 206,607 shares during the period. Texas Permanent School Fund Corp lifted its holdings in California Resources by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 56,452 shares of the oil and gas producer’s stock worth $3,111,000 after acquiring an additional 738 shares during the last quarter. Finally, Empowered Funds LLC boosted its stake in California Resources by 879.4% in the first quarter. Empowered Funds LLC now owns 143,051 shares of the oil and gas producer’s stock valued at $7,882,000 after acquiring an additional 128,445 shares during the period. 97.79% of the stock is 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.