California Resources Co. (NYSE:CRC) Given Consensus Recommendation of “Buy” by Brokerages

Posted by on Jun 8th, 2022

California Resources Co. (NYSE:CRC – Get Rating) has been given a consensus recommendation of “Buy” by the eight analysts that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $57.80.

A number of equities research analysts have commented on CRC shares. StockNews.com lowered California Resources from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 15th. KeyCorp lifted their price target on California Resources from $50.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, April 8th. TheStreet lowered California Resources from a “c” rating to a “d” rating in a report on Thursday, May 5th. Citigroup assumed coverage on California Resources in a report on Tuesday, May 10th. They set a “buy” rating and a $60.00 price target for the company. Finally, Zacks Investment Research lowered California Resources from a “buy” rating to a “hold” rating in a report on Tuesday, May 10th.

Shares of NYSE:CRC traded up $1.94 during midday trading on Wednesday, reaching $49.81. The company had a trading volume of 17,482 shares, compared to its average volume of 677,388. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.65 and a current ratio of 0.69. California Resources has a 1-year low of $24.88 and a 1-year high of $50.44. The firm has a market cap of $3.87 billion, a price-to-earnings ratio of 7.77 and a beta of 0.70. The company has a fifty day simple moving average of $43.41 and a two-hundred day simple moving average of $42.94.

California Resources (NYSE:CRC – Get Rating) last announced its quarterly earnings data on Thursday, May 5th. The oil and gas producer reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.19). California Resources had a return on equity of 38.92% and a net margin of 31.63%. The business had revenue of $153.00 million for the quarter, compared to analyst estimates of $443.19 million. During the same quarter in the previous year, the business posted $1.22 earnings per share. The company’s revenue was down 57.9% compared to the same quarter last year. Analysts expect that California Resources will post 6.5 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 16th. Investors of record on Wednesday, June 1st will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date is Tuesday, May 31st. California Resources’s payout ratio is 10.64%.

In other California Resources news, major shareholder Goldentree Asset Management Lp sold 5,055 shares of California Resources stock in a transaction that occurred on Monday, March 21st. The stock was sold at an average price of $43.65, for a total value of $220,650.75. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders sold 940,955 shares of company stock worth $45,320,579. Company insiders own 0.03% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in California Resources in the 4th quarter valued at $26,000. Spire Wealth Management acquired a new position in California Resources in the fourth quarter worth $32,000. Bellwether Advisors LLC acquired a new position in California Resources in the fourth quarter worth $77,000. Platinum Investment Management Ltd. acquired a new position in California Resources in the first quarter worth $90,000. Finally, Point72 Hong Kong Ltd boosted its stake in California Resources by 632.5% in the third quarter. Point72 Hong Kong Ltd now owns 3,091 shares of the oil and gas producer’s stock worth $127,000 after purchasing an additional 2,669 shares in the last quarter. Institutional investors and hedge funds own 92.24% of the company’s stock.

About California Resources (Get Rating)

California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, 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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Analyst Recommendations for California Resources (NYSE:CRC)

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