California Resources Co. (NYSE:CRC) Receives $62.13 Consensus Price Target from Brokerages

California Resources Co. (NYSE:CRC) has received an average recommendation of “Moderate Buy” from the eight analysts that are presently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $62.13.

A number of equities analysts have issued reports on the company. Barclays cut their price target on California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Citigroup started coverage on California Resources in a report on Friday, July 19th. They set a “buy” rating and a $63.00 price target for the company. Stifel Nicolaus lifted their price objective on shares of California Resources from $68.00 to $69.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. TD Cowen began coverage on shares of California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 target price for the company. Finally, Mizuho boosted their price target on shares of California Resources from $63.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, May 13th.

California Resources Price Performance

Shares of CRC opened at $49.47 on Friday. The business’s fifty day moving average is $50.31 and its 200 day moving average is $51.38. California Resources has a 12-month low of $43.09 and a 12-month high of $58.44. The company has a quick ratio of 1.29, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. The stock has a market cap of $3.39 billion, a P/E ratio of 14.17, a P/E/G ratio of 0.83 and a beta of 0.98.

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 for the quarter, missing the consensus estimate of $0.96 by ($0.36). The business had revenue of $514.00 million for the quarter, compared to analyst estimates of $477.07 million. California Resources had a return on equity of 11.00% and a net margin of 11.34%. The business’s quarterly revenue was down 13.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.53 EPS. Sell-side analysts anticipate that California Resources will post 4.99 earnings per share for the current fiscal year.

California Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a $0.3875 dividend. This is an increase from California Resources’s previous quarterly dividend of $0.31. This represents a $1.55 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend is Friday, August 30th. California Resources’s dividend payout ratio (DPR) is currently 44.41%.

Insider Activity

In related news, Director Mark Allen Mcfarland sold 37,000 shares of California Resources stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $48.10, for a total value of $1,779,700.00. Following the completion of the sale, the director now owns 104,939 shares of the company’s stock, valued at approximately $5,047,565.90. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Christian S. Kendall bought 20,895 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were purchased at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the transaction, the director now directly owns 24,600 shares in the company, valued at approximately $1,180,062. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Mark Allen Mcfarland sold 37,000 shares of California Resources stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $48.10, for a total value of $1,779,700.00. Following the completion of the transaction, the director now owns 104,939 shares of the company’s stock, valued at $5,047,565.90. The disclosure for this sale can be found here. Insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

A number of institutional investors have recently added to or reduced their stakes in CRC. Creative Planning increased its position in shares of California Resources by 32.0% during the second quarter. Creative Planning now owns 13,210 shares of the oil and gas producer’s stock valued at $703,000 after buying an additional 3,205 shares during the period. Algert Global LLC bought a new stake in California Resources during the 2nd quarter worth approximately $389,000. Scientech Research LLC increased its holdings in California Resources by 108.3% during the 2nd quarter. Scientech Research LLC now owns 10,568 shares of the oil and gas producer’s stock worth $562,000 after acquiring an additional 5,495 shares during the period. Millennium Management LLC boosted its holdings in California Resources by 138.4% in the 2nd quarter. Millennium Management LLC now owns 282,090 shares of the oil and gas producer’s stock valued at $15,013,000 after purchasing an additional 163,758 shares during the period. Finally, Maverick Capital Ltd. grew its position in shares of California Resources by 362.4% during the 2nd quarter. Maverick Capital Ltd. now owns 27,490 shares of the oil and gas producer’s stock valued at $1,463,000 after purchasing an additional 21,545 shares in the last quarter. Hedge funds and other 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.