California Resources (NYSE:CRC) Given New $63.00 Price Target at Mizuho

California Resources (NYSE:CRCFree Report) had its price target cut by Mizuho from $69.00 to $63.00 in a research note released on Friday, Benzinga reports. They currently have a buy rating on the oil and gas producer’s stock.

A number of other brokerages have also recently weighed in on CRC. Bank of America cut shares of California Resources from a buy rating to a neutral rating and decreased their price target for the stock from $64.00 to $60.00 in a research report on Friday, January 5th. Royal Bank of Canada reaffirmed an outperform rating and set a $70.00 price target on shares of California Resources in a research report on Wednesday, March 6th. Finally, Stifel Nicolaus upped their price target on shares of California Resources from $68.00 to $72.00 and gave the stock a buy rating in a research report on Monday, February 12th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $63.67.

Check Out Our Latest Report on California Resources

California Resources Trading Down 5.4 %

CRC stock opened at $53.06 on Friday. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 7.03 and a beta of 1.02. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24. The business has a fifty day simple moving average of $52.05 and a 200-day simple moving average of $52.96. California Resources has a 52 week low of $35.19 and a 52 week high of $58.44.

California Resources (NYSE:CRCGet Free Report) last released its quarterly earnings data on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). The firm had revenue of $726.00 million for the quarter, compared to analyst estimates of $553.47 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.24 earnings per share. On average, equities research analysts expect that California Resources will post 5.11 EPS for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Shareholders of record on Wednesday, March 6th were given a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a yield of 2.34%. California Resources’s payout ratio is currently 16.06%.

Hedge Funds Weigh In On California Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC purchased a new position in California Resources in the 2nd quarter valued at about $29,000. Nomura Asset Management Co. Ltd. purchased a new position in California Resources in the 1st quarter valued at about $25,000. Sunbelt Securities Inc. purchased a new position in California Resources in the 1st quarter valued at about $29,000. Headlands Technologies LLC acquired a new stake in shares of California Resources in the 3rd quarter valued at about $45,000. Finally, TFO Wealth Partners LLC raised its stake in shares of California Resources by 67,800.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock valued at $74,000 after purchasing an additional 1,356 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

About California Resources

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California Resources Corporation operates as an independent oil and natural gas exploration and production 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.

Further Reading

Analyst Recommendations for California Resources (NYSE:CRC)

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