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 report published on Thursday,Benzinga reports. Royal Bank of Canada currently has a $68.00 price target on the oil and gas producer’s stock.

A number of other equities research analysts have also recently issued reports on the stock. Capital One Financial raised shares of California Resources to a “strong-buy” rating in a report on Monday, December 9th. Barclays cut their target price on California Resources from $57.00 to $55.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. JPMorgan Chase & Co. initiated coverage on California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 price target on the stock. Finally, Truist Financial initiated coverage on shares of California Resources in a research note on Monday, January 13th. They set a “buy” rating and a $75.00 price objective for the company. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.92.

California Resources Price Performance

Shares of NYSE CRC opened at $43.80 on Thursday. The firm has a market cap of $3.97 billion, a price-to-earnings ratio of 6.90, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. The stock has a fifty day simple moving average of $46.42 and a two-hundred day simple moving average of $51.16. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. California Resources has a 1-year low of $38.02 and a 1-year high of $60.41.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.05). The firm had revenue of $877.00 million during the quarter, compared to analysts’ expectations 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 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were paid a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 3.54%. The ex-dividend date of this dividend was Monday, March 10th. California Resources’s dividend payout ratio (DPR) is presently 37.71%.

Insider Activity

In other California Resources news, Director James N. Chapman purchased 2,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was acquired at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the transaction, the director now directly owns 43,445 shares in the company, valued at approximately $1,712,601.90. This represents a 4.83 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.03% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On California Resources

Several institutional investors have recently bought and sold shares of the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in California Resources in the fourth quarter valued at approximately $1,475,000. GF Fund Management CO. LTD. bought a new stake in California Resources during the 4th quarter valued at $1,145,000. GTS Securities LLC bought a new stake in California Resources in the 4th quarter worth $669,000. Sourcerock Group LLC increased its position in shares of California Resources by 6.5% in the fourth quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer’s stock valued at $56,298,000 after acquiring an additional 65,981 shares during the period. Finally, Squarepoint Ops LLC raised its stake in shares of California Resources by 22.5% during the fourth quarter. Squarepoint Ops LLC now owns 25,297 shares of the oil and gas producer’s stock valued at $1,313,000 after acquiring an additional 4,647 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

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.