California Resources Corporation (NYSE:CRC) Receives $71.20 Average PT from Analysts

Shares of California Resources Corporation (NYSE:CRC) have earned a consensus recommendation of “Moderate Buy” from the fourteen analysts that are covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating on the company. The average 12-month target price among analysts that have covered the stock in the last year is $71.20.

Several research analysts have issued reports on the company. Citigroup boosted their target price on California Resources from $67.00 to $74.00 and gave the company a “neutral” rating in a research report on Monday, March 30th. Zacks Research raised shares of California Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 27th. Weiss Ratings downgraded California Resources from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday. Wells Fargo & Company lifted their target price on shares of California Resources from $72.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 17th. Finally, UBS Group upped their target price on California Resources from $81.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, April 13th.

Insider Buying and Selling

In other California Resources news, Director Mark Allen Mcfarland sold 16,372 shares of the stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $64.83, for a total transaction of $1,061,396.76. Following the sale, the director directly owned 76,265 shares of the company’s stock, valued at approximately $4,944,259.95. This trade represents a 17.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Omar Hayat sold 23,000 shares of the stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $65.87, for a total value of $1,515,010.00. Following the sale, the chief operating officer directly owned 82,236 shares in the company, valued at $5,416,885.32. This represents a 21.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 72,283 shares of company stock valued at $4,636,646 over the last quarter. 0.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. lifted its stake in California Resources by 8.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer’s stock valued at $281,000 after buying an additional 327 shares in the last quarter. Bessemer Group Inc. increased its holdings in shares of California Resources by 1.4% during the 1st quarter. Bessemer Group Inc. now owns 86,412 shares of the oil and gas producer’s stock worth $5,982,000 after buying an additional 1,174 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of California Resources by 20.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 282,711 shares of the oil and gas producer’s stock worth $18,667,000 after buying an additional 47,914 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of California Resources by 12,134.0% during the 1st quarter. Fifth Third Bancorp now owns 70,957 shares of the oil and gas producer’s stock worth $4,912,000 after buying an additional 70,377 shares during the last quarter. Finally, Valued Wealth Advisors LLC acquired a new stake in California Resources in the 1st quarter valued at approximately $29,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Trading Down 3.7%

Shares of NYSE CRC opened at $58.84 on Friday. The business’s 50 day moving average is $64.61 and its two-hundred day moving average is $54.32. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.79. California Resources has a 1-year low of $40.18 and a 1-year high of $71.98. The stock has a market capitalization of $5.22 billion, a P/E ratio of -11.32 and a beta of 0.96.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, hitting the consensus estimate of $0.88. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The company had revenue of $119.00 million for the quarter, compared to analysts’ expectations of $947.50 million. During the same period in the previous year, the firm posted $1.07 earnings per share. The firm’s revenue for the quarter was down 87.0% on a year-over-year basis. As a group, research analysts expect that California Resources will post 5 EPS for the current year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Friday, May 29th will be given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, May 29th. California Resources’s dividend payout ratio (DPR) is currently -31.15%.

About California Resources

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.