Brokerages Set California Resources Co. (NYSE:CRC) PT at $65.50

Shares of California Resources Co. (NYSE:CRC) have been given a consensus recommendation of “Moderate Buy” by the ten brokerages that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $66.40.

A number of research analysts recently weighed in on the company. Stephens assumed coverage on California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective on the stock. TD Cowen raised their price objective on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday. Citigroup raised their price objective on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Bank of America raised 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. Finally, Barclays raised their price objective on California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd.

California Resources Stock Up 0.9 %

Shares of California Resources stock opened at $58.56 on Friday. The firm has a market cap of $3.97 billion, a price-to-earnings ratio of 9.22, a P/E/G ratio of 1.48 and a beta of 0.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources has a 52-week low of $43.09 and a 52-week high of $60.41. The stock has a 50-day simple moving average of $54.00 and a 200-day simple moving average of $51.15.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.62. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm’s revenue was up 194.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.02 EPS. On average, equities research analysts expect that California Resources will post 3.42 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend is Monday, December 2nd. California Resources’s dividend payout ratio is presently 24.41%.

Insider Activity

In other news, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now directly owns 17,301 shares in the company, valued at approximately $916,953. The trade was a 36.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were 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 approximately $8,181,437.26. This represents a 4.31 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,270 shares of company stock worth $1,387,778. Company insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

Several institutional investors have recently bought and sold shares of the stock. Tidal Investments LLC boosted its stake in California Resources by 475.8% in the 3rd quarter. Tidal Investments LLC now owns 30,231 shares of the oil and gas producer’s stock valued at $1,586,000 after buying an additional 24,981 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of California Resources by 3.6% during the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after purchasing an additional 55,815 shares during the last quarter. MML Investors Services LLC grew its holdings in shares of California Resources by 33.6% during the third quarter. MML Investors Services LLC now owns 7,183 shares of the oil and gas producer’s stock worth $377,000 after purchasing an additional 1,808 shares during the last quarter. iA Global Asset Management Inc. grew its holdings in shares of California Resources by 30.6% during the third quarter. iA Global Asset Management Inc. now owns 4,870 shares of the oil and gas producer’s stock worth $256,000 after purchasing an additional 1,140 shares during the last quarter. Finally, Weiss Asset Management LP bought a new stake in shares of California Resources during the third quarter worth $28,043,000. Institutional investors and hedge funds 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.