California Resources Corporation (NYSE:CRC) Receives Average Rating of “Buy” from Analysts

California Resources Corporation (NYSE:CRC) has been given an average rating of “Buy” by the fifteen research firms that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and three have assigned a strong buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $66.8333.

A number of research firms have recently commented on CRC. Zacks Research upgraded shares of California Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 15th. Barclays increased their target price on shares of California Resources from $60.00 to $66.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. JPMorgan Chase & Co. upped their price target on shares of California Resources from $64.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday, October 10th. Jefferies Financial Group set a $71.00 price target on shares of California Resources and gave the stock a “buy” rating in a report on Sunday, September 21st. Finally, Bank of America boosted their target price on California Resources from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its stake in California Resources by 10.5% during the second quarter. American Century Companies Inc. now owns 2,846,722 shares of the oil and gas producer’s stock worth $130,010,000 after purchasing an additional 270,562 shares during the last quarter. Sourcerock Group LLC raised its holdings in shares of California Resources by 63.8% during the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock valued at $91,370,000 after buying an additional 779,280 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC raised its holdings in shares of California Resources by 6.1% during the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,289,479 shares of the oil and gas producer’s stock valued at $58,891,000 after buying an additional 73,885 shares in the last quarter. Orbis Allan Gray Ltd raised its holdings in shares of California Resources by 3.0% during the 1st quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer’s stock valued at $52,713,000 after buying an additional 34,593 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in California Resources by 4.4% during the first quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer’s stock valued at $46,780,000 after acquiring an additional 44,938 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Trading Down 2.9%

NYSE:CRC opened at $48.36 on Wednesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.78 and a quick ratio of 0.68. California Resources has a 1 year low of $30.97 and a 1 year high of $60.41. The company has a market cap of $4.05 billion, a P/E ratio of 6.61 and a beta of 1.16. The stock’s fifty day moving average price is $51.37 and its two-hundred day moving average price is $45.76.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.19. The company had revenue of $978.00 million for the quarter, compared to analyst estimates of $820.93 million. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The firm’s revenue for the quarter was up 90.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.60 EPS. As a group, analysts expect that California Resources will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Wednesday, August 27th were paid a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, August 27th. California Resources’s dividend payout ratio (DPR) is currently 21.17%.

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.