California Resources (NYSE:CRC) Price Target Raised to $70.00

California Resources (NYSE:CRC) had its price target lifted by UBS Group from $63.00 to $70.00 in a research note issued to investors on Tuesday morning, MarketBeat reports. They currently have a buy rating on the oil and gas producer’s stock.

A number of other equities research analysts have also recently weighed in on CRC. Citigroup upped their price target on California Resources from $44.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Wall Street Zen lowered California Resources from a “buy” rating to a “hold” rating in a report on Sunday, June 29th. Barclays lifted their price target on California Resources from $60.00 to $66.00 and gave the stock an “overweight” rating in a research note on Tuesday. Roth Capital set a $63.00 price objective on shares of California Resources in a research note on Monday. Finally, JPMorgan Chase & Co. upgraded shares of California Resources from a “neutral” rating to an “overweight” rating and raised their target price for the company from $60.00 to $63.00 in a report on Tuesday, July 15th. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, California Resources currently has a consensus rating of “Buy” and a consensus target price of $65.50.

California Resources Stock Performance

Shares of CRC opened at $57.55 on Tuesday. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26. California Resources has a 52-week low of $30.97 and a 52-week high of $60.41. The company has a 50-day simple moving average of $49.73 and a 200-day simple moving average of $44.47. The company has a market capitalization of $4.82 billion, a PE ratio of 7.86 and a beta of 1.16.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The company had revenue of $978.00 million for the quarter, compared to analyst estimates of $820.93 million. During the same period in the prior year, the business posted $0.60 earnings per share. The firm’s revenue for the quarter was up 90.3% compared to the same quarter last year. Equities research analysts predict that California Resources will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th were issued a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Wednesday, August 27th. California Resources’s dividend payout ratio is 21.17%.

Institutional Investors Weigh In On California Resources

A number of hedge funds and other institutional investors have recently modified their holdings of CRC. Larson Financial Group LLC raised its position in shares of California Resources by 269.4% in the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer’s stock valued at $28,000 after buying an additional 466 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in California Resources by 68.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock worth $34,000 after acquiring an additional 316 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in California Resources in the 2nd quarter valued at $35,000. Nomura Asset Management Co. Ltd. lifted its stake in shares of California Resources by 97.9% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock worth $42,000 after purchasing an additional 460 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of California Resources by 242.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,476 shares of the oil and gas producer’s stock worth $67,000 after purchasing an additional 1,045 shares during the period. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

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.