California Resources (NYSE:CRC) Price Target Raised to $69.00 at Stifel Nicolaus

California Resources (NYSE:CRC) had its price target raised by Stifel Nicolaus from $68.00 to $69.00 in a report issued on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the oil and gas producer’s stock.

CRC has been the topic of several other research reports. Royal Bank of Canada reissued an outperform rating and set a $70.00 price objective on shares of California Resources in a research note on Wednesday, March 6th. Mizuho reduced their price objective on shares of California Resources from $69.00 to $63.00 and set a buy rating on the stock in a research note on Friday, March 22nd. Barclays began coverage on shares of California Resources in a research note on Wednesday, April 10th. They set an equal weight rating and a $62.00 price target on the stock. Finally, Bank of America downgraded shares of California Resources from a buy rating to a neutral rating and cut their price target for the stock from $64.00 to $60.00 in a research note on Friday, January 5th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, California Resources currently has a consensus rating of Moderate Buy and an average target price of $63.57.

California Resources Stock Up 1.5 %

Shares of NYSE CRC opened at $55.76 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.39. The company has a market capitalization of $3.83 billion, a PE ratio of 7.22 and a beta of 1.02. The firm’s 50-day moving average is $54.02 and its two-hundred day moving average is $52.71. California Resources has a 12-month low of $37.21 and a 12-month high of $58.44.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.08). The firm had revenue of $726.00 million for the quarter, compared to analysts’ expectations of $553.47 million. California Resources had a net margin of 20.14% and a return on equity of 17.57%. The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.24 EPS. Equities analysts anticipate that California Resources will post 5.99 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.22%. The ex-dividend date was Tuesday, March 5th. California Resources’s payout ratio is currently 16.06%.

Institutional Investors Weigh In On California Resources

Large investors have recently made changes to their positions in the business. Headlands Technologies LLC acquired a new stake in shares of California Resources in the third quarter worth $45,000. TFO Wealth Partners LLC increased its position in shares of California Resources by 67,800.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock worth $74,000 after acquiring an additional 1,356 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of California Resources by 92.4% in the fourth quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock worth $82,000 after acquiring an additional 722 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of California Resources by 56.5% in the third quarter. PNC Financial Services Group Inc. now owns 2,397 shares of the oil and gas producer’s stock worth $134,000 after acquiring an additional 865 shares in the last quarter. Finally, Assetmark Inc. increased its position in shares of California Resources by 16.3% in the third quarter. Assetmark Inc. now owns 2,525 shares of the oil and gas producer’s stock worth $141,000 after acquiring an additional 353 shares in the last quarter. 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.