Brokerages Set California Resources Co. (NYSE:CRC) PT at $61.27

Shares of California Resources Co. (NYSE:CRC) have been assigned a consensus recommendation of “Buy” from the thirteen research firms that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $61.27.

Several research firms have recently commented on CRC. Roth Capital reissued a “buy” rating on shares of California Resources in a report on Wednesday, May 7th. Barclays raised California Resources from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $50.00 to $60.00 in a report on Friday, May 30th. Truist Financial raised California Resources to a “strong-buy” rating in a report on Tuesday, May 6th. Royal Bank of Canada cut 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. Finally, 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.

Institutional Investors Weigh In On California Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Entropy Technologies LP acquired a new position in California Resources in the fourth quarter valued at about $841,000. Bank of New York Mellon Corp raised its stake in California Resources by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer’s stock valued at $38,350,000 after purchasing an additional 14,240 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in California Resources by 1.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer’s stock valued at $2,869,000 after purchasing an additional 649 shares in the last quarter. Empowered Funds LLC raised its stake in California Resources by 84.3% in the fourth quarter. Empowered Funds LLC now owns 48,929 shares of the oil and gas producer’s stock valued at $2,539,000 after purchasing an additional 22,383 shares in the last quarter. Finally, Sterling Capital Management LLC raised its stake in California Resources by 833.2% in the fourth quarter. Sterling Capital Management LLC now owns 2,221 shares of the oil and gas producer’s stock valued at $115,000 after purchasing an additional 1,983 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Price Performance

Shares of CRC opened at $47.06 on Thursday. The stock has a market capitalization of $4.20 billion, a P/E ratio of 7.41, a P/E/G ratio of 1.02 and a beta of 1.17. California Resources has a twelve month low of $30.97 and a twelve month high of $60.41. The company has a 50 day moving average of $40.03 and a 200-day moving average of $45.41. 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 issued its quarterly 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. The company had revenue of $912.00 million during the quarter, compared to analysts’ expectations of $862.14 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business’s quarterly revenue was up 100.9% on a year-over-year basis. During the same period last year, the business earned $0.75 EPS. As a group, equities research analysts forecast that California Resources will post 3.85 EPS for the current fiscal year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend was Friday, May 30th. California Resources’s dividend payout ratio is currently 28.13%.

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.