California Resources (NYSE:CRC) Now Covered by Analysts at Stephens

Stephens began coverage on shares of California Resources (NYSE:CRC) in a report published on Tuesday morning, Marketbeat.com reports. The firm issued an overweight rating and a $73.00 price objective on the oil and gas producer’s stock.

CRC has been the subject of a number of other reports. UBS Group initiated coverage on California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price target for the company. TD Cowen initiated coverage on shares of California Resources in a research note on Friday, August 2nd. They issued a “buy” rating and a $65.00 price target on the stock. Barclays increased their price objective on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Citigroup boosted their target price on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Finally, Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and raised their price target for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $65.50.

California Resources Stock Performance

Shares of California Resources stock opened at $52.44 on Tuesday. The business’s 50 day moving average price is $51.62 and its 200 day moving average price is $50.88. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 15.03, a PEG 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 one year low of $43.09 and a one year high of $57.88.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.36). California Resources had a return on equity of 11.27% and a net margin of 7.61%. The company had revenue of $514.00 million for the quarter, compared to analysts’ expectations of $477.07 million. During the same quarter in the prior year, the firm earned $0.53 EPS. The firm’s revenue was down 13.0% on a year-over-year basis. On average, research analysts predict that California Resources will post 3.45 EPS for the current year.

California Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a dividend of $0.3875 per share. The ex-dividend date was Friday, August 30th. 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 dividend yield of 2.96%. California Resources’s payout ratio is currently 44.41%.

Insider Buying and Selling

In related news, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 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 Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the sale, the vice president now directly owns 17,301 shares in the company, valued at approximately $916,953. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Christian S. Kendall acquired 20,895 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were purchased at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the transaction, the director now owns 24,600 shares in the company, valued at approximately $1,180,062. The trade was a 500.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.03% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in California Resources by 4.4% in the first quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock valued at $446,326,000 after purchasing an additional 344,043 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in California Resources by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,576,306 shares of the oil and gas producer’s stock valued at $190,328,000 after purchasing an additional 165,629 shares during the period. American Century Companies Inc. raised its holdings 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 valued at $86,825,000 after buying an additional 250,367 shares during the last quarter. Victory Capital Management Inc. boosted its stake 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 worth $57,378,000 after buying an additional 104,504 shares during the period. Finally, Point72 Asset Management L.P. grew its holdings 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 worth $44,865,000 after buying an additional 811,963 shares during 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.