California Resources Co. (NYSE:CRC) Receives $66.92 Average Target Price from Brokerages

California Resources Co. (NYSE:CRC) has received an average recommendation of “Moderate Buy” from the thirteen analysts that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $66.92.

Several analysts have recently commented on the company. Truist Financial initiated coverage on California Resources in a research report on Monday, January 13th. They issued a “buy” rating and a $75.00 target price for the company. JPMorgan Chase & Co. started coverage on California Resources in a report on Friday, December 20th. They issued a “neutral” rating and a $63.00 target price on the stock. Barclays decreased their price target on shares of California Resources from $57.00 to $55.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a research note on Monday, December 9th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $68.00 price target on shares of California Resources in a report on Thursday, March 27th.

Insiders Place Their Bets

In other California Resources news, Director James N. Chapman acquired 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was acquired at an average price of $39.42 per share, with a total value of $78,840.00. Following 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 filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.03% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. R Squared Ltd acquired a new stake in shares of California Resources in the fourth quarter worth $31,000. Smartleaf Asset Management LLC increased its holdings 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 worth $53,000 after purchasing an additional 812 shares during the period. Nisa Investment Advisors LLC raised its position in shares of California Resources by 71.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock valued at $56,000 after buying an additional 454 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of California Resources by 22.8% in the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock valued at $62,000 after buying an additional 222 shares during the period. Finally, Point72 DIFC Ltd acquired a new stake in California Resources during the third quarter worth about $70,000. 97.79% of the stock is owned by institutional investors.

California Resources Trading Down 14.3 %

NYSE:CRC opened at $34.80 on Friday. The stock has a fifty day simple moving average of $45.26 and a 200 day simple moving average of $50.89. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 5.48, a price-to-earnings-growth ratio of 1.02 and a beta of 1.03. California Resources has a 1-year low of $34.43 and a 1-year high of $60.41. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC) last released its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.05). The firm had revenue of $877.00 million during the quarter, compared to analysts’ expectations of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. Sell-side analysts forecast that California Resources will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were issued a $0.3875 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $1.55 annualized dividend and a yield of 4.45%. California Resources’s dividend payout ratio (DPR) is presently 37.71%.

About California Resources

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.