California Resources Corporation (NYSE:CRC) Receives Average Recommendation of “Buy” from Analysts
by Scott Moore · The Cerbat GemShares of California Resources Corporation (NYSE:CRC – Get Free Report) have earned a consensus rating of “Buy” from the fifteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $71.20.
A number of research analysts have recently issued reports on CRC shares. Royal Bank Of Canada set a $70.00 price objective on shares of California Resources in a research report on Monday, January 5th. Zacks Research raised shares of California Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 27th. Citigroup lifted their price objective on shares of California Resources from $67.00 to $74.00 and gave the stock a “neutral” rating in a research report on Monday, March 30th. Barclays lifted their price objective on shares of California Resources from $67.00 to $72.00 and gave the stock an “overweight” rating in a research report on Monday, March 16th. Finally, TD Cowen raised shares of California Resources to a “strong-buy” rating in a research report on Monday, February 9th.
Insider Activity at California Resources
In other California Resources news, VP Noelle M. Repetti sold 8,564 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $63.71, for a total transaction of $545,612.44. Following the sale, the vice president owned 7,684 shares of the company’s stock, valued at approximately $489,547.64. The trade was a 52.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Christopher D. Gould sold 24,347 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $62.21, for a total transaction of $1,514,626.87. Following the sale, the executive vice president directly owned 131,537 shares in the company, valued at approximately $8,182,916.77. This represents a 15.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 72,283 shares of company stock worth $4,636,646 in the last quarter. 0.53% of the stock is currently owned by company insiders.
Institutional Trading of California Resources
Large investors have recently bought and sold shares of the stock. American Century Companies Inc. boosted its holdings in shares of California Resources by 5.6% in the 3rd quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer’s stock valued at $159,882,000 after acquiring an additional 159,708 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of California Resources by 23.9% in the 3rd quarter. Principal Financial Group Inc. now owns 468,669 shares of the oil and gas producer’s stock valued at $24,924,000 after acquiring an additional 90,466 shares during the last quarter. Channing Capital Management LLC purchased a new stake in shares of California Resources in the 3rd quarter valued at $6,205,000. Clayton Partners LLC lifted its stake in shares of California Resources by 35.2% in the 3rd quarter. Clayton Partners LLC now owns 136,100 shares of the oil and gas producer’s stock valued at $7,238,000 after purchasing an additional 35,461 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. acquired a new position in shares of California Resources in the 3rd quarter valued at $2,200,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.
California Resources Stock Down 2.5%
Shares of California Resources stock opened at $63.73 on Wednesday. The firm’s 50 day moving average price is $62.12 and its 200-day moving average price is $52.84. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 0.35. California Resources has a 52-week low of $33.85 and a 52-week high of $71.98. The company has a market cap of $5.66 billion, a P/E ratio of 15.62 and a beta of 1.04.
California Resources (NYSE:CRC – Get Free Report) last issued its quarterly earnings data on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). California Resources had a return on equity of 10.23% and a net margin of 9.89%.The firm had revenue of $924.00 million during the quarter, compared to analysts’ expectations of $789.67 million. During the same period in the previous year, the firm earned $0.91 EPS. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. On average, sell-side analysts predict that California Resources will post 3.85 EPS for the current fiscal year.
California Resources Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 13th were given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, March 13th. California Resources’s payout ratio is currently 39.71%.
About California Resources
California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.
CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.