California Resources (NYSE:CRC) Now Covered by Analysts at Barclays

Barclays started coverage on shares of California Resources (NYSE:CRC) in a research report report published on Wednesday, MarketBeat.com reports. The brokerage issued an equal weight rating and a $62.00 price objective on the oil and gas producer’s stock.

A number of other equities analysts have also commented on CRC. Mizuho reduced their price target on shares of California Resources from $69.00 to $63.00 and set a buy rating on the stock in a research report on Friday, March 22nd. Royal Bank of Canada restated an outperform rating and issued a $70.00 price target on shares of California Resources in a research report on Wednesday, March 6th. Stifel Nicolaus reduced their price target on shares of California Resources from $72.00 to $68.00 and set a buy rating on the stock in a research report on Friday, March 22nd. Finally, Bank of America lowered shares of California Resources from a buy rating to a neutral rating and reduced their target price for the stock from $64.00 to $60.00 in a research report on Friday, January 5th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, California Resources has a consensus rating of Moderate Buy and a consensus target price of $63.43.

California Resources Stock Performance

NYSE CRC opened at $56.92 on Wednesday. The stock has a market cap of $3.91 billion, a P/E ratio of 7.37 and a beta of 1.02. The company’s 50-day simple moving average is $53.17 and its 200 day simple moving average is $52.74. California Resources has a twelve month low of $37.21 and a twelve month high of $58.44. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24.

California Resources (NYSE:CRC) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $553.47 million. California Resources had a net margin of 20.14% and a return on equity of 17.57%. California Resources’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.24 earnings per share. As a group, research analysts forecast that California Resources will post 4.57 earnings per share for the current fiscal year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were issued a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 annualized dividend and a yield of 2.18%. California Resources’s dividend payout ratio is currently 16.06%.

Hedge Funds Weigh In On California Resources

Large investors have recently bought and sold shares of the business. Nomura Asset Management Co. Ltd. acquired a new position in California Resources in the first quarter valued at approximately $25,000. Sunbelt Securities Inc. bought a new stake in California Resources in the first quarter valued at approximately $29,000. Headlands Technologies LLC bought a new stake in California Resources in the third quarter valued at approximately $45,000. Captrust Financial Advisors increased its stake in California Resources by 69.1% in the second quarter. Captrust Financial Advisors now owns 1,454 shares of the oil and gas producer’s stock valued at $56,000 after purchasing an additional 594 shares in the last quarter. Finally, Amundi bought a new stake in California Resources in the fourth quarter valued at approximately $67,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

About California Resources

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.