California Resources (NYSE:CRC) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of California Resources (NYSE:CRC) from a hold rating to a buy rating in a research report released on Monday morning.

A number of other research firms have also weighed in on CRC. Bank of America cut their price objective on shares of California Resources from $64.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Truist Financial raised shares of California Resources to a “strong-buy” rating in a report on Tuesday, May 6th. Citigroup downgraded shares of California Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $62.00 to $36.00 in a report on Monday, April 7th. Roth Capital reissued a “buy” rating on shares of California Resources in a research note on Wednesday, May 7th. Finally, Barclays raised their price objective on shares of California Resources from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, California Resources has a consensus rating of “Moderate Buy” and an average price target of $60.00.

California Resources Stock Up 3.8%

NYSE:CRC opened at $42.13 on Monday. The firm has a market capitalization of $3.76 billion, a P/E ratio of 6.64, a PEG ratio of 1.02 and a beta of 1.06. California Resources has a 1-year low of $30.97 and a 1-year high of $60.41. The company’s fifty day moving average price is $38.89 and its 200-day moving average price is $47.59. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.24. The firm had revenue of $912.00 million for the quarter, compared to analyst estimates of $862.14 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business’s quarterly revenue was up 100.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.75 earnings per share. As a group, equities research analysts anticipate that California Resources will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a $0.3875 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a yield of 3.68%. California Resources’s dividend payout ratio is currently 28.13%.

Insider Buying and Selling

In related news, Director James N. Chapman acquired 2,000 shares of California Resources stock in a transaction dated Wednesday, March 5th. The stock was acquired at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the transaction, the director now owns 43,445 shares of the company’s stock, valued at $1,712,601.90. This represents a 4.83% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.03% of the stock is owned by insiders.

Institutional Trading of California Resources

Institutional investors have recently modified their holdings of the stock. Entropy Technologies LP purchased a new stake in shares of California Resources during the 4th quarter worth approximately $841,000. Bank of New York Mellon Corp increased its holdings in shares of California Resources by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer’s stock valued at $38,350,000 after acquiring an additional 14,240 shares during the period. Thrivent Financial for Lutherans increased its holdings in shares of California Resources by 1.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer’s stock valued at $2,869,000 after acquiring an additional 649 shares during the period. Empowered Funds LLC increased its holdings in shares of California Resources by 84.3% in the 4th quarter. Empowered Funds LLC now owns 48,929 shares of the oil and gas producer’s stock valued at $2,539,000 after acquiring an additional 22,383 shares during the period. Finally, Blue Trust Inc. increased its holdings in shares of California Resources by 518.4% in the 4th quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer’s stock valued at $88,000 after acquiring an additional 1,410 shares during the period. Hedge funds and other institutional investors own 97.79% of the company’s stock.

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.