California Resources (NYSE:CRC) Price Target Cut to $60.00 by Analysts at Royal Bank of Canada

California Resources (NYSE:CRC) had its target price cut by Royal Bank of Canada from $68.00 to $60.00 in a report issued on Friday,Benzinga reports. They currently have an outperform rating on the oil and gas producer’s stock.

CRC has been the subject of a number of other research reports. Citigroup cut shares of California Resources from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $62.00 to $36.00 in a research note on Monday. JPMorgan Chase & Co. initiated coverage on shares of California Resources in a research note on Friday, December 20th. They set a “neutral” rating and a $63.00 target price for the company. Truist Financial began coverage on California Resources in a research report on Monday, January 13th. They issued a “buy” rating and a $75.00 price target on the stock. Finally, Barclays decreased their price objective on California Resources from $57.00 to $55.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $63.83.

California Resources Stock Up 2.5 %

CRC opened at $34.32 on Friday. California Resources has a one year low of $30.97 and a one year high of $60.41. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The stock has a market capitalization of $3.11 billion, a P/E ratio of 5.40, a price-to-earnings-growth ratio of 1.02 and a beta of 1.03. The business’s 50-day simple moving average is $43.04 and its 200-day simple moving average is $49.99.

California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.05). The firm had revenue of $877.00 million for the quarter, compared to analyst estimates of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. Analysts anticipate that California Resources will post 3.85 EPS for the current year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were given a dividend of $0.3875 per share. The ex-dividend date was Monday, March 10th. This represents a $1.55 annualized dividend and a dividend yield of 4.52%. California Resources’s payout ratio is currently 37.71%.

Insider Activity

In other news, Director James N. Chapman purchased 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the acquisition, the director now directly owns 43,445 shares in the company, valued at approximately $1,712,601.90. The trade was a 4.83 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the company. R Squared Ltd purchased a new position in shares of California Resources in the fourth quarter valued at $31,000. Smartleaf Asset Management LLC increased its holdings in California Resources by 331.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock valued at $53,000 after acquiring an additional 812 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in California Resources by 71.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after acquiring an additional 454 shares in the last quarter. GAMMA Investing LLC raised its position in California Resources by 22.8% during the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock worth $62,000 after acquiring an additional 222 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its holdings in shares of California Resources by 52,366.7% in the fourth quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer’s stock valued at $81,000 after purchasing an additional 1,571 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

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.