Analysts Set California Resources Co. (NYSE:CRC) Price Target at $61.27

Shares of California Resources Co. (NYSE:CRC) have been given an average rating of “Buy” by the thirteen brokerages that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $61.27.

A number of brokerages recently commented on CRC. Truist Financial upgraded California Resources to a “strong-buy” rating in a research note on Tuesday, May 6th. Bank of America dropped their price objective on shares of California Resources from $64.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, April 29th. Citigroup lifted their price objective on shares of California Resources from $36.00 to $44.00 and gave the company a “neutral” rating in a research report on Monday, May 19th. Royal Bank of Canada decreased their price objective on California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, April 11th. Finally, Mizuho reduced their price objective on shares of California Resources from $64.00 to $60.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. First Trust Advisors LP boosted its stake in California Resources by 14.2% in the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock worth $353,800,000 after purchasing an additional 845,694 shares during the period. Nuveen LLC acquired a new stake in shares of California Resources in the first quarter worth $28,254,000. Millennium Management LLC raised its position in California Resources by 255.5% during the first quarter. Millennium Management LLC now owns 677,093 shares of the oil and gas producer’s stock valued at $29,772,000 after buying an additional 486,650 shares during the period. Palo Duro Investment Partners LP purchased a new stake in California Resources in the 4th quarter worth about $20,752,000. Finally, Brandywine Global Investment Management LLC purchased a new stake in California Resources in the 1st quarter worth about $14,456,000. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Stock Performance

Shares of CRC opened at $47.27 on Thursday. The business’s fifty day moving average price is $39.73 and its 200 day moving average price is $45.58. 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 has a 12-month low of $30.97 and a 12-month high of $60.41. The stock has a market capitalization of $4.22 billion, a PE ratio of 7.44, a price-to-earnings-growth ratio of 1.02 and a beta of 1.17.

California Resources (NYSE:CRC) last issued its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.24. The company had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. California Resources’s quarterly revenue was up 100.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.75 earnings per share. Equities research analysts forecast that California Resources will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were issued a $0.3875 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.55 annualized dividend and a dividend yield of 3.28%. California Resources’s dividend payout ratio is currently 28.13%.

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.