California Resources (NYSE:CRC) Cut to Hold at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen cut shares of California Resources (NYSE:CRC – Free Report) from a buy rating to a hold rating in a research note published on Sunday morning.

A number of other equities analysts have also weighed in on CRC. Barclays raised California Resources from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $50.00 to $60.00 in a research note on Friday, May 30th. Truist Financial raised California Resources to a “strong-buy” rating in a research note on Tuesday, May 6th. Citigroup increased their price target on California Resources from $36.00 to $44.00 and gave the company a “neutral” rating in a research note on Monday, May 19th. UBS Group increased their price target on California Resources from $49.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Finally, Roth Capital reissued a “buy” rating on shares of California Resources in a research note on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $61.27.

View Our Latest Stock Report on CRC

California Resources Stock Performance

NYSE CRC opened at $46.09 on Friday. The firm has a market cap of $4.11 billion, a price-to-earnings ratio of 8.36 and a beta of 1.16. The company has a quick ratio of 0.74, a current ratio of 0.83 and a debt-to-equity ratio of 0.25. The business has a 50-day moving average price of $42.45 and a 200-day moving average price of $44.74. California Resources has a twelve month low of $30.97 and a twelve month high of $60.41.

California Resources (NYSE:CRC – Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.24. The firm had revenue of $912.00 million during the quarter, compared to analyst estimates of $862.14 million. California Resources had a return on equity of 11.45% and a net margin of 13.70%. The business’s quarterly revenue was up 100.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.75 earnings per share. As a group, equities research analysts predict that California Resources will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.36%. The ex-dividend date was Friday, May 30th. California Resources’s payout ratio is 28.13%.

Institutional Investors Weigh In On California Resources

Several institutional investors have recently modified their holdings of CRC. Larson Financial Group LLC boosted its holdings in California Resources by 269.4% during the 1st quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer’s stock valued at $28,000 after acquiring an additional 466 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in California Resources by 68.8% during the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock valued at $34,000 after acquiring an additional 316 shares during the period. Smartleaf Asset Management LLC boosted its holdings in California Resources by 331.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock valued at $53,000 after acquiring an additional 812 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in California Resources during the 1st quarter valued at $79,000. Finally, Lazard Asset Management LLC boosted its holdings in California Resources by 52,366.7% during the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer’s stock valued at $81,000 after acquiring an additional 1,571 shares during the period. 97.79% of the stock is owned by institutional investors.

About California Resources

(Get Free Report)

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.

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