California Resources Corporation (NYSE:CRC) Receives $71.90 Consensus Target Price from Brokerages

Shares of California Resources Corporation (NYSE:CRC) have been assigned a consensus recommendation of “Moderate Buy” from the fourteen research firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $73.0909.

Several research analysts recently issued reports on CRC shares. Stephens set a $85.00 price target on shares of California Resources and gave the stock an “overweight” rating in a research note on Friday, July 17th. Wall Street Zen lowered shares of California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Weiss Ratings cut shares of California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 14th. UBS Group reaffirmed a “buy” rating and set a $70.00 target price (down from $78.00) on shares of California Resources in a research note on Monday, July 13th. Finally, Barclays lifted their target price on shares of California Resources from $72.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th.

Insider Transactions at California Resources

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of California Resources stock in a transaction on Monday, July 13th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the completion of the transaction, the executive vice president owned 159,424 shares in the company, valued at approximately $8,608,896. The trade was a 6.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On California Resources

Several institutional investors and hedge funds have recently modified their holdings of CRC. Rockefeller Capital Management L.P. boosted its stake in California Resources by 363.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 440 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new stake in California Resources during the 4th quarter valued at about $26,000. Pinnacle Holdings LLC bought a new stake in California Resources during the 4th quarter valued at about $27,000. Valued Wealth Advisors LLC purchased a new position in California Resources in the first quarter worth about $29,000. Finally, FNY Investment Advisers LLC purchased a new position in California Resources in the third quarter worth about $36,000. 97.79% of the stock is currently owned by institutional investors.

California Resources Price Performance

CRC opened at $54.29 on Friday. The stock has a fifty day simple moving average of $56.33 and a two-hundred day simple moving average of $58.22. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 0.45. The company has a market cap of $4.82 billion, a price-to-earnings ratio of -10.44 and a beta of 0.92. California Resources has a 12-month low of $43.24 and a 12-month high of $71.98.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, meeting the consensus estimate of $0.88. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The business had revenue of $119.00 million during the quarter, compared to analyst estimates of $947.50 million. During the same quarter last year, the firm posted $1.07 earnings per share. The company’s revenue for the quarter was down 87.0% on a year-over-year basis. Research analysts predict that California Resources will post 4.02 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, May 29th were given a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Friday, May 29th. California Resources’s dividend payout ratio (DPR) is -31.15%.

About California Resources

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.