California Resources (NYSE:CRC) Price Target Raised to $67.00

by · The Markets Daily

California Resources (NYSE:CRC – Free Report) had its price objective hoisted by Barclays from $65.00 to $67.00 in a report released on Tuesday,Benzinga reports. The firm currently has an overweight rating on the oil and gas producer’s stock.

A number of other brokerages also recently issued reports on CRC. Mizuho boosted their price target on shares of California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. TD Cowen upgraded shares of California Resources to a “strong-buy” rating in a report on Monday, February 9th. Zacks Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 19th. UBS Group set a $63.00 price objective on California Resources and gave the stock a “buy” rating in a research report on Monday, January 26th. Finally, Pickering Energy Partners downgraded California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $66.90.

Check Out Our Latest Stock Report on CRC

California Resources Stock Up 2.5%

Shares of CRC opened at $63.59 on Tuesday. The stock’s 50-day moving average price is $52.29 and its two-hundred day moving average price is $50.22. California Resources has a 12 month low of $30.97 and a 12 month high of $64.11. The company has a market capitalization of $5.63 billion, a PE ratio of 15.59 and a beta of 1.12. The company has a current ratio of 0.89, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35.

California Resources (NYSE:CRC – Get Free Report) last issued its quarterly earnings data on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). California Resources had a return on equity of 10.23% and a net margin of 9.89%.The company had revenue of $924.00 million for the quarter, compared to the consensus estimate of $789.67 million. During the same quarter last year, the business earned $0.91 earnings per share. California Resources’s revenue was up 5.4% compared to the same quarter last year. On average, analysts anticipate that California Resources will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 13th will be paid a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, March 13th. California Resources’s dividend payout ratio (DPR) is 39.71%.

Institutional Investors Weigh In On California Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. lifted its position in California Resources by 3.0% in the 4th quarter. Invesco Ltd. now owns 1,102,049 shares of the oil and gas producer’s stock valued at $49,273,000 after acquiring an additional 32,460 shares in the last quarter. Mackenzie Financial Corp increased its holdings in California Resources by 8.2% during the 4th quarter. Mackenzie Financial Corp now owns 11,313 shares of the oil and gas producer’s stock worth $504,000 after purchasing an additional 862 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in shares of California Resources by 12.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,616,761 shares of the oil and gas producer’s stock worth $72,285,000 after purchasing an additional 174,154 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of California Resources by 116.0% in the fourth quarter. Empowered Funds LLC now owns 100,631 shares of the oil and gas producer’s stock valued at $4,499,000 after purchasing an additional 54,041 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of California Resources during the fourth quarter valued at approximately $3,008,000. 97.79% of the stock is owned by institutional investors.

About California Resources

(Get Free Report)

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.

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