California Resources Co. (NYSE:CRC) Given Average Rating of “Moderate Buy” by Analysts

Shares of California Resources Co. (NYSE:CRC) have been assigned an average recommendation of “Moderate Buy” from the thirteen ratings firms that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $67.08.

CRC has been the subject of several analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 target price on shares of California Resources in a research note on Tuesday, January 14th. Capital One Financial raised shares of California Resources to a “strong-buy” rating in a research report on Monday, December 9th. StockNews.com raised California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Truist Financial initiated coverage on California Resources in a report on Monday, January 13th. They issued a “buy” rating and a $75.00 price target for the company. Finally, Barclays dropped their price objective 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.

Insider Activity

In other California Resources news, Director James N. Chapman bought 2,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were purchased at an average price of $39.42 per share, with a total value of $78,840.00. Following the completion of the acquisition, the director now directly owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. The trade was a 4.83 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the transaction, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. R Squared Ltd bought a new stake in California Resources in the 4th quarter valued at about $31,000. Smartleaf Asset Management LLC increased its stake in shares of California Resources by 331.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock valued at $53,000 after purchasing an additional 812 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of California Resources by 71.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after buying an additional 454 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of California Resources by 22.8% during the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock worth $62,000 after buying an additional 222 shares during the period. Finally, Point72 DIFC Ltd bought a new position in California Resources in the 3rd quarter worth approximately $70,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Price Performance

California Resources stock opened at $41.58 on Tuesday. California Resources has a 52-week low of $38.02 and a 52-week high of $60.41. The firm has a market capitalization of $3.77 billion, a P/E ratio of 6.55, a PEG ratio of 1.02 and a beta of 1.06. 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 firm has a fifty day moving average of $48.99 and a 200-day moving average of $51.85.

California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.05). The company had revenue of $877.00 million for the quarter, compared to analyst estimates of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. As a group, analysts predict that California Resources will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Monday, March 10th will be issued a dividend of $0.3875 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.73%. California Resources’s dividend payout ratio (DPR) is 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.