California Resources Co. (NYSE:CRC) Given Consensus Recommendation of “Moderate Buy” by Brokerages

California Resources Co. (NYSE:CRC) has been assigned a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $59.64.

Several brokerages have weighed in on CRC. Barclays upped their target price on California Resources from $47.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, May 9th. StockNews.com upgraded California Resources from a “hold” rating to a “buy” rating in a report on Monday, May 12th. Citigroup cut California Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $62.00 to $36.00 in a research note on Monday, April 7th. Truist Financial upgraded California Resources to a “strong-buy” rating in a research note on Tuesday, May 6th. Finally, Mizuho decreased their price objective on California Resources from $64.00 to $60.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th.

California Resources Stock Performance

Shares of California Resources stock opened at $42.61 on Friday. California Resources has a 52 week low of $30.97 and a 52 week high of $60.41. The company has a market capitalization of $3.80 billion, a PE ratio of 6.71, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. The stock’s fifty day moving average is $39.01 and its two-hundred day moving average is $47.37. 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 issued its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.24. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business 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 business earned $0.75 EPS. The business’s revenue for the quarter was up 100.9% compared to the same quarter last year. As a group, analysts expect that California Resources will post 3.85 earnings per share for the current 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 paid a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date is Friday, May 30th. California Resources’s dividend payout ratio (DPR) is presently 28.13%.

Insider Buying and Selling at California Resources

In other news, Director James N. Chapman acquired 2,000 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were acquired at an average cost of $39.42 per share, with a total value of $78,840.00. Following the completion of the acquisition, 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 document filed with the SEC, which is accessible through this link. 0.03% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of California Resources by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer’s stock valued at $484,953,000 after purchasing an additional 225,620 shares during the period. First Trust Advisors LP increased its holdings in shares of California Resources by 14.2% in the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock valued at $353,800,000 after purchasing an additional 845,694 shares during the period. American Century Companies Inc. increased its holdings in shares of California Resources by 10.7% in the first quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer’s stock valued at $113,274,000 after purchasing an additional 248,448 shares during the period. Geode Capital Management LLC increased its holdings in shares of California Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer’s stock valued at $83,344,000 after purchasing an additional 13,116 shares during the period. Finally, Orbis Allan Gray Ltd increased its holdings in shares of California Resources by 3.0% in the first quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer’s stock valued at $52,713,000 after purchasing an additional 34,593 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

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.