California Resources (NYSE:CRC) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of California Resources (NYSE:CRC) in a report issued on Thursday,Benzinga reports. They currently have a $68.00 price target on the oil and gas producer’s stock.

Other equities research analysts have also recently issued research reports about the stock. Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a report on Monday, December 9th. JPMorgan Chase & Co. started coverage on California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 price objective for the company. Truist Financial began coverage on California Resources in a report on Monday, January 13th. They issued a “buy” rating and a $75.00 target price on the stock. Finally, Barclays reduced their price target on California Resources from $57.00 to $55.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $66.92.

California Resources Stock Performance

California Resources stock opened at $43.80 on Thursday. California Resources has a fifty-two week low of $38.02 and a fifty-two week high of $60.41. The stock has a market cap of $3.97 billion, a price-to-earnings ratio of 6.90, a PEG ratio of 1.02 and a beta of 1.06. The stock’s 50 day simple moving average is $46.42 and its two-hundred day simple moving average is $51.16. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm had revenue of $877.00 million during the quarter, compared to the consensus estimate of $901.36 million. As a group, analysts expect that California Resources will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were given a $0.3875 dividend. The ex-dividend date was Monday, March 10th. This represents a $1.55 annualized dividend and a yield of 3.54%. California Resources’s payout ratio is presently 37.71%.

Insider Activity

In related news, Director James N. Chapman bought 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were bought at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the transaction, the director now owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.03% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. R Squared Ltd bought a new stake in California Resources during the 4th quarter worth approximately $31,000. Smartleaf Asset Management LLC lifted its stake in shares of California Resources by 331.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock valued at $53,000 after buying an additional 812 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in California Resources by 71.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock worth $56,000 after buying an additional 454 shares during the period. GAMMA Investing LLC increased its stake in California Resources by 22.8% in the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock worth $62,000 after buying an additional 222 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new stake in California Resources during the third quarter valued at about $70,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

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.