California Resources Corporation (NYSE:CRC) Stock Has Average Target Price of $74.10 According to Analysts

Shares of California Resources Corporation (NYSE:CRC) have been assigned a consensus recommendation of “Moderate Buy” from the fourteen research firms that are presently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $74.10.

A number of research firms recently issued reports on CRC. UBS Group reiterated a “buy” rating and issued a $73.00 target price (up from $67.00) on shares of California Resources in a research note on Monday, September 14th. Seaport Research Partners initiated coverage on shares of California Resources in a research report on Thursday, September 3rd. They set a “neutral” rating for the company. Stifel Nicolaus assumed coverage on shares of California Resources in a report on Thursday, September 10th. They set a “buy” rating and a $68.00 price target for the company. Stephens lowered their price target on California Resources from $93.00 to $91.00 and set an “overweight” rating on the stock in a research report on Friday, September 18th. Finally, Wall Street Zen lowered California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd.

Insider Transactions at California Resources

In other California Resources news, EVP Jay Bys sold 11,907 shares of California Resources stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president directly owned 135,610 shares of the company’s stock, valued at $7,322,940. The trade was a 8.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 35,721 shares of company stock valued at $1,928,934. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On California Resources

Several hedge funds have recently modified their holdings of CRC. Integrated Wealth Concepts LLC bought a new stake in California Resources in the 2nd quarter valued at $109,000. Corient Private Wealth LP grew its position in California Resources by 61.2% in the 2nd quarter. Corient Private Wealth LP now owns 11,799 shares of the oil and gas producer’s stock worth $624,000 after purchasing an additional 4,479 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of California Resources during the 2nd quarter worth about $1,316,000. Readystate Asset Management LP increased its holdings in shares of California Resources by 242.3% during the 2nd quarter. Readystate Asset Management LP now owns 82,255 shares of the oil and gas producer’s stock worth $4,349,000 after purchasing an additional 58,223 shares during the period. Finally, Odyssean LLC acquired a new position in shares of California Resources during the second quarter valued at about $445,000. 97.79% of the stock is owned by institutional investors.

California Resources Stock Down 0.9%

Shares of California Resources stock opened at $52.52 on Wednesday. California Resources has a 12-month low of $43.24 and a 12-month high of $71.98. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 0.38. The stock has a 50 day moving average price of $53.22 and a two-hundred day moving average price of $57.52. The stock has a market capitalization of $4.66 billion, a P/E ratio of -38.62 and a beta of 1.02.

California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $960.20 million. During the same period in the prior year, the business earned $1.10 EPS. The company’s revenue for the quarter was up 33.0% compared to the same quarter last year. Equities analysts expect that California Resources will post 3.89 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were issued a $0.4050 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.62 dividend on an annualized basis and a yield of 3.1%. California Resources’s dividend payout ratio (DPR) is -119.12%.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent energy and carbon management company focused on developing and producing oil, natural gas and natural gas liquids. The company also pursues carbon capture and sequestration projects intended to reduce emissions from industrial activities while supporting California’s energy and environmental objectives.

CRC’s operations are concentrated in California, with assets spanning several of the state’s major oil-producing regions, including the San Joaquin, Los Angeles and Ventura basins.