California Resources (NYSE:CRC) Given New $68.00 Price Target at Barclays

California Resources (NYSE:CRC) had its price objective decreased by Barclays from $74.00 to $68.00 in a research report sent to investors on Friday morning,Benzinga reports. Barclays currently has an overweight rating on the oil and gas producer’s stock.

Several other brokerages have also recently issued reports on CRC. Seaport Research Partners started coverage on shares of California Resources in a research note on Thursday, September 3rd. They issued a “neutral” rating on the stock. Royal Bank Of Canada reissued an “outperform” rating and set a $77.00 target price on shares of California Resources in a research note on Monday, September 14th. Stifel Nicolaus began coverage on shares of California Resources in a research note on Thursday, September 10th. They set a “buy” rating and a $68.00 target price for the company. Stephens reduced their target price on shares of California Resources from $93.00 to $91.00 and set an “overweight” rating for the company in a report on Friday, September 18th. Finally, UBS Group restated a “buy” rating and issued a $68.00 price target (down from $73.00) on shares of California Resources in a research report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, California Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.78.

California Resources Price Performance

NYSE:CRC traded up $0.39 during mid-day trading on Friday, reaching $48.27. 431,327 shares of the stock were exchanged, compared to its average volume of 1,000,795. The business has a fifty day moving average price of $52.69 and a 200 day moving average price of $56.90. The firm has a market capitalization of $4.26 billion, a PE ratio of -8.51 and a beta of 0.98. California Resources has a 1-year low of $43.24 and a 1-year high of $71.98. The company has a current ratio of 0.51, a quick ratio of 0.44 and a debt-to-equity ratio of 0.42.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Monday, November 2nd. The oil and gas producer reported $1.17 EPS for the quarter, topping the consensus estimate of $1.00 by $0.17. California Resources had a negative net margin of 18.11% and a positive return on equity of 9.56%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $967.71 million. During the same period in the previous year, the business earned $1.46 earnings per share. California Resources’s revenue for the quarter was up .4% compared to the same quarter last year. Research analysts expect that California Resources will post 4.45 earnings per share for the current fiscal year.

California Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be issued a dividend of $0.42 per share. This is a positive change from California Resources’s previous quarterly dividend of $0.4050. This represents a $1.68 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Friday, December 4th. California Resources’s dividend payout ratio (DPR) is currently -28.57%.

Insider Activity at California Resources

In related news, EVP Jay Bys sold 11,907 shares of the stock in a transaction on Monday, October 12th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the transaction, the executive vice president owned 123,703 shares in the company, valued at $6,679,962. This trade represents a 8.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by corporate insiders.

Institutional Trading of California Resources

Several institutional investors and hedge funds have recently bought and sold shares of CRC. Global Retirement Partners LLC boosted its holdings in shares of California Resources by 106.1% in the third quarter. Global Retirement Partners LLC now owns 909 shares of the oil and gas producer’s stock worth $46,000 after buying an additional 468 shares during the period. Hantz Financial Services Inc. increased its position in shares of California Resources by 44.2% in the third quarter. Hantz Financial Services Inc. now owns 1,344 shares of the oil and gas producer’s stock worth $68,000 after acquiring an additional 412 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of California Resources during the second quarter valued at approximately $109,000. Farther Finance Advisors LLC raised its holdings in shares of California Resources by 56.7% during the second quarter. Farther Finance Advisors LLC now owns 2,086 shares of the oil and gas producer’s stock valued at $110,000 after acquiring an additional 755 shares during the period. Finally, Fortitude Family Office LLC raised its holdings in shares of California Resources by 1,073.6% during the third quarter. Fortitude Family Office LLC now owns 2,089 shares of the oil and gas producer’s stock valued at $106,000 after acquiring an additional 1,911 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Company Profile

California Resources Corporation is an independent energy company focused on developing and producing oil and natural gas in California. Its operations include exploration, production and management of energy resources, with products that include crude oil, natural gas and natural gas liquids. The company was formed in 2014 when it separated from Occidental Petroleum. Its activities are concentrated in California, where it operates across several major oil-producing regions. In 2024, California Resources completed its acquisition of Aera Energy, expanding its California operations.