Mizuho Cuts California Resources (NYSE:CRC) Price Target to $60.00

California Resources (NYSE:CRC) had its target price trimmed by Mizuho from $64.00 to $60.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the oil and gas producer’s stock.

A number of other analysts also recently weighed in on the company. Barclays increased their price objective on California Resources from $47.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. UBS Group increased their price objective on California Resources from $49.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, May 8th. Citigroup downgraded California Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $62.00 to $36.00 in a report on Monday, April 7th. Roth Capital restated a “buy” rating on shares of California Resources in a report on Wednesday, May 7th. Finally, Royal Bank of Canada decreased their price objective on California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, April 11th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, California Resources presently has an average rating of “Moderate Buy” and a consensus target price of $59.64.

California Resources Stock Down 1.6%

NYSE CRC opened at $43.06 on Tuesday. The business has a fifty day moving average price of $39.02 and a two-hundred day moving average price of $47.47. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The stock has a market capitalization of $3.84 billion, a PE ratio of 6.78, a PEG ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.24. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company had revenue of $912.00 million during the quarter, compared to analysts’ expectations of $862.14 million. During the same period in the prior year, the company earned $0.75 EPS. California Resources’s revenue was up 100.9% compared to the same quarter last year. Equities analysts expect that California Resources will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.3875 per share. The ex-dividend date is Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a yield of 3.60%. California Resources’s payout ratio is currently 28.13%.

Insiders Place Their Bets

In other California Resources news, Director James N. Chapman purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was purchased at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the acquisition, the director now owns 43,445 shares in the company, valued at approximately $1,712,601.90. The trade was a 4.83% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of California Resources by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer’s stock worth $484,953,000 after purchasing an additional 225,620 shares in the last quarter. First Trust Advisors LP boosted its position in shares of California Resources by 14.2% during the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock worth $353,800,000 after purchasing an additional 845,694 shares in the last quarter. American Century Companies Inc. boosted its position in shares of California Resources by 10.7% during the 1st quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer’s stock worth $113,274,000 after purchasing an additional 248,448 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of California Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer’s stock worth $83,344,000 after purchasing an additional 13,116 shares in the last quarter. Finally, Orbis Allan Gray Ltd boosted its position in shares of California Resources by 3.0% during the 1st quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer’s stock worth $52,713,000 after purchasing an additional 34,593 shares in the last quarter. Institutional investors 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.