California Resources (NYSE:CRC) Price Target Raised to $69.00

California Resources (NYSE:CRC) had its price objective boosted by Stifel Nicolaus from $68.00 to $69.00 in a research report report published on Tuesday, Benzinga reports. They currently have a buy rating on the oil and gas producer’s stock.

A number of other research firms also recently commented on CRC. Bank of America downgraded shares of California Resources from a buy rating to a neutral rating and cut their target price for the stock from $64.00 to $60.00 in a research report on Friday, January 5th. Royal Bank of Canada reiterated an outperform rating and set a $70.00 price target on shares of California Resources in a research note on Wednesday, March 6th. Barclays started 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 on the stock. Finally, Mizuho dropped their price target 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. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $63.57.

California Resources Trading Down 0.7 %

NYSE:CRC opened at $54.90 on Tuesday. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.24. California Resources has a 12 month low of $37.21 and a 12 month high of $58.44. The company has a market cap of $3.77 billion, a PE ratio of 7.11 and a beta of 1.02. The company has a 50 day simple moving average of $54.11 and a two-hundred day simple moving average of $52.74.

California Resources (NYSE:CRC) last posted its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). California Resources had a return on equity of 17.57% and a net margin of 20.14%. The company had revenue of $726.00 million during the quarter, compared to the consensus estimate of $553.47 million. During the same period last year, the firm posted $1.24 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. Research analysts forecast that California Resources will post 4.64 earnings per share for the current year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Wednesday, March 6th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend was Tuesday, March 5th. California Resources’s dividend payout ratio (DPR) is 16.06%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of California Resources by 6.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,299,902 shares of the oil and gas producer’s stock valued at $180,440,000 after buying an additional 190,588 shares in the last quarter. LSV Asset Management lifted its stake in shares of California Resources by 6.2% during the 4th quarter. LSV Asset Management now owns 3,125,466 shares of the oil and gas producer’s stock valued at $170,900,000 after buying an additional 182,246 shares in the last quarter. Pacer Advisors Inc. lifted its stake in California Resources by 71.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,965,476 shares of the oil and gas producer’s stock worth $107,472,000 after purchasing an additional 821,827 shares in the last quarter. American Century Companies Inc. lifted its stake in California Resources by 13.2% in the 3rd quarter. American Century Companies Inc. now owns 925,185 shares of the oil and gas producer’s stock worth $51,820,000 after purchasing an additional 108,123 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in California Resources by 229.6% in the 4th quarter. Victory Capital Management Inc. now owns 885,906 shares of the oil and gas producer’s stock worth $48,441,000 after purchasing an additional 617,084 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

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.