Brokerages Set California Resources Co. (NYSE:CRC) Price Target at $66.92

California Resources Co. (NYSE:CRC) has received an average recommendation of “Moderate Buy” from the thirteen brokerages that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $66.92.

A number of research firms recently commented on CRC. Truist Financial assumed coverage on California Resources in a research note on Monday, January 13th. They issued a “buy” rating and a $75.00 price target for the company. Barclays dropped their price target on California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $68.00 price objective on shares of California Resources in a report on Thursday, March 27th. Capital One Financial raised shares of California Resources to a “strong-buy” rating in a report on Monday, December 9th. Finally, JPMorgan Chase & Co. assumed coverage on shares of California Resources in a report on Friday, December 20th. They issued a “neutral” rating and a $63.00 price target for the company.

California Resources Price Performance

CRC stock opened at $34.80 on Friday. The company has a market capitalization of $3.15 billion, a PE ratio of 5.48, a P/E/G ratio of 1.02 and a beta of 1.03. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average is $45.26 and its two-hundred day moving average is $50.89. California Resources has a 52-week low of $34.43 and a 52-week high of $60.41.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.05). The company had revenue of $877.00 million during the quarter, compared to analyst estimates of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. Analysts predict that California Resources will post 3.85 earnings per share for the current fiscal 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 given a dividend of $0.3875 per share. The ex-dividend date was Monday, March 10th. This represents a $1.55 dividend on an annualized basis and a yield of 4.45%. California Resources’s dividend payout ratio (DPR) is presently 37.71%.

Insider Activity

In related news, Director James N. Chapman bought 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The stock was purchased at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the transaction, the director now directly owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. This represents a 4.83 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

A number of institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its holdings in California Resources by 3.6% during the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after purchasing an additional 55,815 shares in the last quarter. Natixis Advisors LLC acquired a new stake in shares of California Resources in the third quarter valued at $579,000. State Street Corp boosted its stake in California Resources by 5.1% during the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock valued at $181,021,000 after buying an additional 168,278 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in California Resources by 8.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock worth $51,116,000 after acquiring an additional 75,606 shares in the last quarter. Finally, Citigroup Inc. lifted its holdings in California Resources by 24.7% in the 3rd quarter. Citigroup Inc. now owns 113,038 shares of the oil and gas producer’s stock valued at $5,931,000 after acquiring an additional 22,405 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Company Profile

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.