UBS Group Begins Coverage on California Resources (NYSE:CRC)

UBS Group began coverage on shares of California Resources (NYSE:CRC) in a research report released on Wednesday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $68.00 price target on the oil and gas producer’s stock.

A number of other equities analysts have also recently weighed in on the stock. Citigroup upped their price objective on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and raised their price objective for the company from $57.00 to $65.00 in a research note on Wednesday, August 21st. Barclays upped their target price on California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research report 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 research report on Monday, August 12th. Finally, TD Cowen started coverage on shares of California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price target on the stock. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $64.75.

California Resources Price Performance

CRC stock opened at $51.28 on Wednesday. The firm has a market cap of $3.51 billion, a P/E ratio of 14.69, a price-to-earnings-growth ratio of 1.27 and a beta of 0.98. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.43. California Resources has a 1 year low of $43.09 and a 1 year high of $57.88. The stock has a 50-day simple moving average of $51.31 and a 200-day simple moving average of $50.95.

California Resources (NYSE:CRC) last issued its quarterly earnings data 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 firm had revenue of $514.00 million during the quarter, compared to analyst estimates of $477.07 million. During the same period last year, the business earned $0.53 EPS. The firm’s revenue was down 13.0% compared to the same quarter last year. On average, equities analysts predict that California Resources will post 3.45 earnings per share for the current fiscal year.

California Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.02%. This is a boost 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 Transactions at California Resources

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CRC. Vanguard Group Inc. boosted its position in shares of California Resources by 4.4% during the first quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock worth $446,326,000 after buying an additional 344,043 shares during the period. Dimensional Fund Advisors LP boosted its position in California Resources by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,576,306 shares of the oil and gas producer’s stock worth $190,328,000 after acquiring an additional 165,629 shares during the period. American Century Companies Inc. grew its stake in shares of California Resources by 18.1% in the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock worth $86,825,000 after purchasing an additional 250,367 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of California Resources by 10.7% during the second quarter. Victory Capital Management Inc. now owns 1,078,123 shares of the oil and gas producer’s stock valued at $57,378,000 after purchasing an additional 104,504 shares during the period. Finally, Point72 Asset Management L.P. raised its stake in shares of California Resources by 2,615.2% during the second quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer’s stock valued at $44,865,000 after purchasing an additional 811,963 shares in the last quarter. 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.