California Resources Co. (NYSE:CRC) Given Consensus Recommendation of “Moderate Buy” by Brokerages

California Resources Co. (NYSE:CRC) has been assigned a consensus recommendation of “Moderate Buy” from the thirteen research firms that are currently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $66.92.

A number of research firms have weighed in on CRC. JPMorgan Chase & Co. assumed coverage on shares of California Resources in a research note on Friday, December 20th. They set a “neutral” rating and a $63.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and set a $68.00 price objective on shares of California Resources in a research report on Thursday. Truist Financial began coverage on California Resources in a research report on Monday, January 13th. They issued a “buy” rating and a $75.00 target price for the company. Barclays reduced their price target on California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Finally, Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a report on Monday, December 9th.

Insider Buying and Selling

In other California Resources news, Director James N. Chapman purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was purchased at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the acquisition, the director now owns 43,445 shares in the company, valued at approximately $1,712,601.90. The trade was a 4.83 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.03% of the stock is owned by insiders.

Institutional Investors Weigh In On California Resources

Several institutional investors and hedge funds have recently made changes to their positions in CRC. Geode Capital Management LLC lifted its stake in California Resources by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock valued at $83,583,000 after buying an additional 55,815 shares during the period. Natixis Advisors LLC bought a new stake in shares of California Resources in the 3rd quarter valued at $579,000. State Street Corp lifted its position in shares of California Resources by 5.1% during the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock valued at $181,021,000 after acquiring an additional 168,278 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in California Resources by 8.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock worth $51,116,000 after acquiring an additional 75,606 shares in the last quarter. Finally, Citigroup Inc. grew its holdings in California Resources by 24.7% in the third quarter. Citigroup Inc. now owns 113,038 shares of the oil and gas producer’s stock worth $5,931,000 after purchasing an additional 22,405 shares during the period. Institutional investors own 97.79% of the company’s stock.

California Resources Price Performance

Shares of CRC stock opened at $43.80 on Friday. California Resources has a twelve month low of $38.02 and a twelve month high of $60.41. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The business has a fifty day simple moving average of $46.42 and a 200 day simple moving average of $51.14. The company has a market cap of $3.97 billion, a P/E ratio of 6.90, a P/E/G ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). The company had revenue of $877.00 million during the quarter, compared to analyst estimates of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. On average, sell-side analysts forecast that California Resources will post 3.85 EPS for the current fiscal year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 3.54%. The ex-dividend date was Monday, March 10th. California Resources’s dividend payout ratio (DPR) is presently 37.71%.

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.