Truist Financial began coverage on shares of California Resources (NYSE:CRC – Free Report) in a research note issued to investors on Monday, MarketBeat.com reports. The firm issued a buy rating and a $75.00 price objective on the oil and gas producer’s stock.
A number of other equities research analysts have also commented on the stock. StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Capital One Financial raised California Resources to a “strong-buy” rating in a report on Monday, December 9th. UBS Group initiated coverage on shares of California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price on the stock. JPMorgan Chase & Co. began coverage on shares of California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 price objective for the company. Finally, Jefferies Financial Group started coverage on shares of California Resources in a research note on Thursday, October 24th. They issued a “buy” rating and a $64.00 price objective on the stock. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.25.
Check Out Our Latest Report on CRC
California Resources Stock Performance
California Resources (NYSE:CRC – Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.62. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company’s quarterly revenue was up 194.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.02 EPS. As a group, analysts anticipate that California Resources will post 3.58 EPS for the current fiscal year.
California Resources Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend was Monday, December 2nd. California Resources’s dividend payout ratio (DPR) is presently 24.41%.
Insider Activity at California Resources
In other California Resources news, VP Noelle M. Repetti sold 8,770 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the sale, the vice president now directly owns 8,531 shares in the company, valued at $475,603.25. The trade was a 50.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the completion of the transaction, the executive vice president now directly owns 30,940 shares in the company, valued at approximately $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.03% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of CRC. GAMMA Investing LLC boosted its position in shares of California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 371 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of California Resources in the third quarter worth about $70,000. KBC Group NV lifted its position in shares of California Resources by 29.1% in the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after buying an additional 431 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of California Resources by 9.4% in the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after buying an additional 276 shares in the last quarter. Finally, Atria Investments Inc purchased a new position in California Resources during the 3rd quarter valued at approximately $209,000. Institutional investors 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.
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