California Resources Corporation (CRC) – What Are Analysts Saying About This Stock?

Shares of California Resources Corporation (NYSE:CRC) have received a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $74.44.

A number of analysts have weighed in on the company. Weiss Ratings upgraded California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 11th. Roth Capital reissued a “buy” rating and issued a $59.00 price objective (up from $58.00) on shares of California Resources in a research note on Thursday, September 17th. Royal Bank Of Canada reissued an “outperform” rating and set a $77.00 price target on shares of California Resources in a research report on Monday, September 14th. Zacks Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. Finally, Barclays set a $74.00 price objective on shares of California Resources and gave the stock an “overweight” rating in a research report on Monday, August 17th.

California Resources Stock Down 0.1%

Shares of NYSE:CRC opened at $54.64 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 0.38. California Resources has a 12 month low of $43.24 and a 12 month high of $71.98. The company has a 50-day moving average price of $53.59 and a 200 day moving average price of $56.87. The company has a market cap of $4.85 billion, a price-to-earnings ratio of -40.18 and a beta of 1.02.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.37). The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $960.20 million. California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%. The company’s revenue was up 33.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.10 earnings per share. As a group, equities research analysts predict that California Resources will post 4.30 earnings per share for the current year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were given a $0.4050 dividend. This represents a $1.62 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, September 4th. California Resources’s dividend payout ratio (DPR) is presently -119.12%.

Insider Activity

In other news, EVP Jay Bys sold 11,907 shares of the firm’s stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the transaction, the executive vice president directly owned 123,703 shares in the company, valued at $6,679,962. This trade represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 35,721 shares of company stock valued at $1,928,934 over the last three months. Company insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On California Resources

Large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp acquired a new position in shares of California Resources during the 2nd quarter worth about $63,205,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of California Resources in the first quarter valued at about $62,698,000. Bank of America Corp DE lifted its stake in California Resources by 57.1% in the 1st quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer’s stock worth $40,543,000 after purchasing an additional 212,827 shares in the last quarter. Janus Henderson Group PLC lifted its stake in California Resources by 12.8% in the 1st quarter. Janus Henderson Group PLC now owns 480,413 shares of the oil and gas producer’s stock worth $33,254,000 after purchasing an additional 54,703 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of California Resources by 20.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 282,711 shares of the oil and gas producer’s stock worth $18,667,000 after purchasing an additional 47,914 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent energy company focused on the exploration, development and production of oil and natural gas in California. Its operations are concentrated in the state’s San Joaquin and Los Angeles basins, where the company produces crude oil, natural gas and natural gas liquids for industrial, commercial and transportation markets.

In addition to conventional oil and gas production, California Resources is developing carbon-management projects through its Carbon TerraVault business.