California Resources Co. (NYSE:CRC) Receives $63.43 Consensus Price Target from Brokerages

California Resources Co. (NYSE:CRC) has earned a consensus recommendation of “Moderate Buy” from the seven research firms that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $63.43.

CRC has been the topic of several recent analyst reports. Mizuho reduced their target price on shares of California Resources from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 price target on shares of California Resources in a report on Wednesday, March 6th. Barclays initiated coverage on California Resources in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $62.00 price target for the company. Bank of America cut California Resources from a “buy” rating to a “neutral” rating and cut their price target for the company from $64.00 to $60.00 in a report on Friday, January 5th. Finally, Stifel Nicolaus cut their price target on California Resources from $72.00 to $68.00 and set a “buy” rating for the company in a report on Friday, March 22nd.

Hedge Funds Weigh In On California Resources

Several institutional investors have recently modified their holdings of CRC. Nomura Asset Management Co. Ltd. acquired a new position in shares of California Resources in the 1st quarter valued at approximately $25,000. Sunbelt Securities Inc. acquired a new position in California Resources during the 1st quarter worth approximately $29,000. Headlands Technologies LLC acquired a new position in California Resources during the 3rd quarter worth approximately $45,000. Captrust Financial Advisors boosted its position in California Resources by 69.1% during the 2nd quarter. Captrust Financial Advisors now owns 1,454 shares of the oil and gas producer’s stock worth $56,000 after acquiring an additional 594 shares during the last quarter. Finally, Amundi acquired a new position in California Resources during the 4th quarter worth approximately $67,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Stock Down 1.3 %

Shares of NYSE:CRC opened at $55.05 on Friday. California Resources has a 52 week low of $37.21 and a 52 week high of $58.44. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.39 and a current ratio of 1.51. The company’s fifty day moving average is $53.71 and its 200-day moving average is $52.68. The company has a market capitalization of $3.79 billion, a PE ratio of 7.13 and a beta of 1.02.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.08). California Resources had a net margin of 20.14% and a return on equity of 17.57%. The firm had revenue of $726.00 million during the quarter, compared to analyst estimates of $553.47 million. During the same quarter in the prior year, the firm posted $1.24 EPS. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. Equities research analysts predict that California Resources will post 4.57 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 18th. Stockholders of record on Wednesday, March 6th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.25%. California Resources’s payout ratio is currently 16.06%.

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.