California Resources’ (CRC) “Outperform” Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada restated their outperform rating on shares of California Resources (NYSE:CRC) in a research note published on Monday,Benzinga reports. They currently have a $77.00 target price on the oil and gas producer’s stock.

Other equities analysts also recently issued reports about the company. Wall Street Zen downgraded California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Stifel Nicolaus assumed coverage on California Resources in a research report on Thursday, September 10th. They set a “buy” rating and a $68.00 target price on the stock. Citigroup lowered their target price on California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Barclays set a $74.00 price target on California Resources and gave the company an “overweight” rating in a research report on Monday, August 17th. Finally, Seaport Research Partners started coverage on California Resources in a research note on Thursday, September 3rd. They set a “neutral” rating for the company. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $73.91.

California Resources Trading Down 5.7%

Shares of California Resources stock opened at $54.38 on Monday. California Resources has a 12-month low of $43.24 and a 12-month high of $71.98. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 0.38. The stock has a market cap of $4.83 billion, a PE ratio of -39.99 and a beta of 0.90. The company has a 50-day moving average of $53.24 and a two-hundred day moving average of $58.51.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $960.20 million. California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. California Resources’s revenue was up 33.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.10 earnings per share. On average, research analysts anticipate that California Resources will post 3.9 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 4th. California Resources’s dividend payout ratio is currently -119.12%.

Insider Activity

In other news, EVP Jay Bys sold 11,907 shares of California Resources stock in a transaction on Friday, September 4th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president owned 135,610 shares of the company’s stock, valued at $7,322,940. The trade was a 8.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,721 shares of company stock worth $1,928,934 in the last 90 days. 0.53% of the stock is owned by company insiders.

Institutional Trading of California Resources

A number of hedge funds have recently added to or reduced their stakes in CRC. Rockefeller Capital Management L.P. lifted its holdings in shares of California Resources by 363.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 440 shares during the period. Valued Wealth Advisors LLC acquired a new stake in shares of California Resources in the first quarter worth approximately $29,000. EMC Capital Management acquired a new stake in shares of California Resources in the fourth quarter worth approximately $42,000. EverSource Wealth Advisors LLC grew its holdings in California Resources by 32.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,966 shares of the oil and gas producer’s stock valued at $88,000 after purchasing an additional 479 shares during the period. Finally, Integrated Wealth Concepts LLC purchased a new stake in California Resources in the second quarter valued at approximately $109,000. 97.79% of the stock is owned by institutional investors and hedge funds.

About California Resources

California Resources Corporation (NYSE: CRC) is an energy company focused on developing and producing oil and natural gas resources in California. Its operations include exploration, drilling, production, processing and marketing of crude oil, natural gas and natural gas liquids, primarily for customers in the California market.

The company’s assets are located in several of California’s major petroleum-producing regions, including the San Joaquin, Los Angeles and Sacramento basins. California Resources also manages related infrastructure and mineral interests associated with its production operations.

In addition to conventional energy production, California Resources has pursued carbon management opportunities through its Carbon TerraVault platform.