Analysts Set California Resources Corporation (NYSE:CRC) PT at $64.00

Shares of California Resources Corporation (NYSE:CRC) have been given an average rating of “Moderate Buy” by the fourteen brokerages that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $64.00.

CRC has been the topic of a number of analyst reports. UBS Group set a $64.00 price target on California Resources and gave the company a “buy” rating in a research note on Friday, December 12th. Wells Fargo & Company reiterated an “overweight” rating and issued a $56.00 price objective (down previously from $58.00) on shares of California Resources in a report on Tuesday, December 9th. Royal Bank Of Canada set a $70.00 target price on California Resources in a research note on Monday, January 5th. Mizuho raised their target price on California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Finally, JPMorgan Chase & Co. boosted their target price on California Resources from $64.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 10th.

Hedge Funds Weigh In On California Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Clearstead Advisors LLC grew its holdings in shares of California Resources by 82.5% in the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after buying an additional 226 shares during the period. Salomon & Ludwin LLC bought a new position in California Resources during the third quarter worth about $29,000. FNY Investment Advisers LLC acquired a new position in California Resources in the third quarter valued at about $36,000. Caitong International Asset Management Co. Ltd acquired a new position in California Resources in the second quarter valued at about $35,000. Finally, Allworth Financial LP grew its stake in California Resources by 328.6% in the third quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer’s stock valued at $41,000 after acquiring an additional 598 shares during the period. 97.79% of the stock is owned by institutional investors.

California Resources Price Performance

California Resources stock opened at $49.07 on Friday. The business’s 50-day simple moving average is $46.44 and its 200 day simple moving average is $48.60. The stock has a market cap of $4.11 billion, a price-to-earnings ratio of 11.41 and a beta of 1.15. California Resources has a 12-month low of $30.97 and a 12-month high of $58.41. 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 (NYSE:CRC) last announced its quarterly earnings data on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.15. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The firm had revenue of $855.00 million during the quarter, compared to analysts’ expectations of $888.58 million. During the same period in the previous year, the business posted $1.50 EPS. The company’s quarterly revenue was down 36.8% compared to the same quarter last year. As a group, research analysts anticipate that California Resources will post 3.85 earnings per share for the current year.

California Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a dividend of $0.405 per share. This is an increase from California Resources’s previous quarterly dividend of $0.39. This represents a $1.62 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, December 1st. California Resources’s dividend payout ratio is presently 37.67%.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.