Brokerages Set California Resources Co. (NYSE:CRC) Price Target at $63.43

California Resources Co. (NYSE:CRC) has been assigned an average rating of “Moderate Buy” from the seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $63.43.

Several research firms have recently weighed in on CRC. Barclays began coverage on shares of California Resources in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price target for the company. Stifel Nicolaus reduced their price objective on shares of California Resources from $72.00 to $68.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Bank of America downgraded shares of California Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $64.00 to $60.00 in a research note on Friday, January 5th. Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price objective on shares of California Resources in a research note on Wednesday, March 6th. Finally, Mizuho reduced their price objective on shares of California Resources from $69.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, March 22nd.

Institutional Investors Weigh In On California Resources

Several hedge funds have recently modified their holdings of CRC. Nomura Asset Management Co. Ltd. purchased a new stake in California Resources during the 1st quarter worth approximately $25,000. Sunbelt Securities Inc. bought a new stake in shares of California Resources in the 1st quarter valued at approximately $29,000. Headlands Technologies LLC bought a new stake in shares of California Resources in the 3rd quarter valued at approximately $45,000. TFO Wealth Partners LLC increased its holdings in shares of California Resources by 67,800.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock valued at $74,000 after acquiring an additional 1,356 shares during the last quarter. Finally, Captrust Financial Advisors increased its holdings in shares of California Resources by 69.1% in the 2nd quarter. Captrust Financial Advisors now owns 1,454 shares of the oil and gas producer’s stock valued at $56,000 after acquiring an additional 594 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

California Resources Price Performance

NYSE:CRC opened at $53.81 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24. The business’s 50-day simple moving average is $53.88 and its two-hundred day simple moving average is $52.68. The stock has a market cap of $3.70 billion, a PE ratio of 6.97 and a beta of 1.02. California Resources has a 52 week low of $37.21 and a 52 week high of $58.44.

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 the consensus estimate of $1.01 by ($0.08). The company had revenue of $726.00 million during the quarter, compared to analysts’ expectations of $553.47 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The company’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.24 EPS. As a group, analysts forecast that California Resources will post 4.57 EPS for the current fiscal year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 18th. Shareholders of record on Wednesday, March 6th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date was Tuesday, March 5th. California Resources’s payout ratio is 16.06%.

California Resources Company Profile

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.