California Resources (NYSE:CRC) Coverage Initiated by Analysts at Jefferies Financial Group

Jefferies Financial Group initiated coverage on shares of California Resources (NYSE:CRC) in a report released on Thursday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $64.00 price target on the oil and gas producer’s stock.

CRC has been the subject of a number of other reports. Barclays boosted their target price on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 price target on shares of California Resources in a report on Monday, August 12th. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. UBS Group assumed coverage on California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 target price on the stock. Finally, Citigroup boosted their target price on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.50.

California Resources Stock Performance

Shares of CRC stock opened at $53.49 on Thursday. The company has a market cap of $3.67 billion, a P/E ratio of 15.22, a PEG ratio of 1.27 and a beta of 0.98. The business has a 50 day moving average of $51.58 and a two-hundred day moving average of $50.90. California Resources has a 52 week low of $43.09 and a 52 week high of $57.88. 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 (NYSE:CRC) last released its quarterly earnings data 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). California Resources had a net margin of 7.61% and a return on equity of 11.27%. The company had revenue of $514.00 million for the quarter, compared to analyst estimates of $477.07 million. During the same quarter in the prior year, the firm earned $0.53 EPS. The company’s revenue for the quarter was down 13.0% compared to the same quarter last year. As a group, analysts anticipate 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 $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.90%. This is a positive change from California Resources’s previous quarterly dividend of $0.31. The ex-dividend date was Friday, August 30th. California Resources’s dividend payout ratio is 44.41%.

Insider Activity at California Resources

In other California Resources news, CEO Francisco Leon sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the completion of the sale, the chief executive officer now owns 166,357 shares in the company, valued at $8,181,437.26. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Francisco Leon sold 7,500 shares of the firm’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 sale, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the sale, the vice president now directly owns 17,301 shares of the company’s stock, valued at approximately $916,953. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CRC. Lazard Asset Management LLC increased its position in California Resources by 3.7% during the first quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock worth $390,000 after buying an additional 253 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after acquiring an additional 371 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in California Resources by 1.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock worth $1,719,000 after purchasing an additional 400 shares during the last quarter. AlphaMark Advisors LLC raised its holdings in California Resources by 10.9% in the 3rd quarter. AlphaMark Advisors LLC now owns 6,658 shares of the oil and gas producer’s stock worth $349,000 after acquiring an additional 652 shares during the period. Finally, Texas Permanent School Fund Corp increased its stake in California Resources by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 56,452 shares of the oil and gas producer’s stock valued at $3,111,000 after acquiring an additional 738 shares during the period. Institutional investors own 97.79% of the company’s stock.

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.