Other equities research analysts have also recently issued research reports about the company. Bank of America cut California Resources from a buy rating to an underperform rating and set a $49.00 price objective for the company. in a report on Tuesday, July 19th. MKM Partners reaffirmed a buy rating and set a $48.00 price objective on shares of California Resources in a research report on Wednesday, July 20th. Finally, TheStreet raised California Resources from a d rating to a c- rating in a research report on Friday, August 19th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, California Resources currently has an average rating of Moderate Buy and an average price target of $52.00.
California Resources Stock Performance
NYSE:CRC opened at $40.25 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.66 and a current ratio of 0.70. California Resources has a 52-week low of $35.95 and a 52-week high of $51.46. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of 3.97 and a beta of 0.89. The business’s fifty day moving average is $44.95 and its 200 day moving average is $43.61.
California Resources Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Thursday, September 1st were issued a $0.17 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $0.68 annualized dividend and a dividend yield of 1.69%. California Resources’s dividend payout ratio (DPR) is 6.71%.
Institutional Investors Weigh In On California Resources
Large investors have recently added to or reduced their stakes in the stock. Assetmark Inc. boosted its holdings in shares of California Resources by 194.5% in the second quarter. Assetmark Inc. now owns 692 shares of the oil and gas producer’s stock valued at $27,000 after purchasing an additional 457 shares during the period. Captrust Financial Advisors increased its position in shares of California Resources by 69.1% during the second quarter. Captrust Financial Advisors now owns 1,454 shares of the oil and gas producer’s stock worth $56,000 after purchasing an additional 594 shares in the last quarter. Meeder Asset Management Inc. increased its position in shares of California Resources by 722.8% during the second quarter. Meeder Asset Management Inc. now owns 1,802 shares of the oil and gas producer’s stock worth $69,000 after purchasing an additional 1,583 shares in the last quarter. Private Trust Co. NA acquired a new position in shares of California Resources during the second quarter worth $77,000. Finally, Macquarie Group Ltd. acquired a new position in shares of California Resources during the second quarter worth $88,000.
About California Resources
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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