California Resources (NYSE:CRC) Price Target Raised to $69.00

California Resources (NYSE:CRC) had its price target boosted by Stifel Nicolaus from $68.00 to $69.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the oil and gas producer’s stock.

CRC has been the topic of a number of other research reports. Mizuho cut their price target on shares of California Resources from $69.00 to $63.00 and set a buy rating on the stock in a research note on Friday, March 22nd. Royal Bank of Canada restated an outperform rating and set a $70.00 price target on shares of California Resources in a research note on Wednesday, March 6th. Barclays initiated coverage on shares of California Resources in a research note on Wednesday, April 10th. They set an equal weight rating and a $62.00 price target on the stock. Finally, Bank of America lowered shares of California Resources from a buy rating to a neutral rating and cut their price target for the company from $64.00 to $60.00 in a research note on Friday, January 5th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $63.57.

California Resources Trading Down 0.7 %

NYSE:CRC opened at $54.90 on Tuesday. California Resources has a 52 week low of $37.21 and a 52 week high of $58.44. The firm has a 50 day moving average of $54.11 and a 200 day moving average of $52.74. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 7.11 and a beta of 1.02.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). California Resources had a net margin of 20.14% and a return on equity of 17.57%. The firm had revenue of $726.00 million for the quarter, compared to analysts’ expectations of $553.47 million. During the same period in the previous year, the company earned $1.24 EPS. The company’s revenue was up 6.5% on a year-over-year basis. As a group, sell-side analysts anticipate that California Resources will post 4.64 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were paid a $0.31 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.26%. California Resources’s payout ratio is currently 16.06%.

Institutional Trading of California Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Exchange Traded Concepts LLC increased its stake in shares of California Resources by 1.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 14,395 shares of the oil and gas producer’s stock worth $787,000 after acquiring an additional 205 shares during the period. Public Employees Retirement System of Ohio grew its position in California Resources by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 44,054 shares of the oil and gas producer’s stock valued at $2,467,000 after buying an additional 242 shares during the period. Assetmark Inc. grew its position in California Resources by 16.3% during the third quarter. Assetmark Inc. now owns 2,525 shares of the oil and gas producer’s stock valued at $141,000 after buying an additional 353 shares during the period. Diversified Trust Co grew its position in California Resources by 6.9% during the fourth quarter. Diversified Trust Co now owns 10,991 shares of the oil and gas producer’s stock valued at $601,000 after buying an additional 708 shares during the period. Finally, Quadrant Capital Group LLC grew its position in California Resources by 92.4% during the fourth quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock valued at $82,000 after buying an additional 722 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

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.