California Resources Corporation (NYSE:CRC) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of California Resources Corporation (NYSE:CRC) have earned an average rating of “Moderate Buy” from the fourteen analysts that are covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $66.2727.

A number of analysts have recently issued reports on the stock. Roth Capital set a $63.00 target price on shares of California Resources in a research note on Monday, September 15th. Jefferies Financial Group set a $71.00 price target on California Resources and gave the company a “buy” rating in a report on Sunday, September 21st. Bank of America increased their target price on shares of California Resources from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Mizuho set a $71.00 price target on California Resources in a research note on Monday, September 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a research note on Wednesday, October 8th.

Institutional Trading of California Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Clearstead Advisors LLC boosted its holdings in California Resources by 82.5% in the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after purchasing an additional 226 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of California Resources by 269.4% in the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer’s stock worth $28,000 after buying an additional 466 shares during the last quarter. Salomon & Ludwin LLC acquired a new stake in California Resources during the third quarter worth about $29,000. Caitong International Asset Management Co. Ltd purchased a new position in California Resources during the second quarter valued at approximately $35,000. Finally, Nomura Asset Management Co. Ltd. lifted its holdings in California Resources by 97.9% in the second quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock valued at $42,000 after acquiring an additional 460 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Stock Up 2.5%

Shares of CRC opened at $48.90 on Friday. The business has a fifty day moving average of $50.61 and a 200 day moving average of $47.42. The company has a market cap of $4.09 billion, a PE ratio of 11.37 and a beta of 1.15. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26. California Resources has a 52-week low of $30.97 and a 52-week high of $60.08.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 EPS for the quarter, beating the consensus estimate of $1.31 by $0.15. California Resources had a net margin of 10.60% and a return on equity of 11.59%. The company had revenue of $855.00 million for the quarter, compared to the consensus estimate of $888.58 million. During the same period in the prior year, the firm posted $1.50 EPS. The firm’s revenue was down 36.8% compared to the same quarter last year. On average, sell-side analysts expect that California Resources will post 3.85 EPS for the current year.

California Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 3.3%. The ex-dividend date is Monday, December 1st. This is a positive change from California Resources’s previous quarterly dividend of $0.39. California Resources’s dividend payout ratio (DPR) is presently 36.05%.

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.