California Resources (NYSE:CRC) Given “Outperform” Rating at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of California Resources (NYSE:CRC) in a research note released on Tuesday morning,Benzinga reports. They currently have a $70.00 target price on the oil and gas producer’s stock.

A number of other research analysts also recently issued reports on CRC. TD Cowen boosted their price target on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Truist Financial initiated coverage on California Resources in a report on Monday. They set a “buy” rating and a $75.00 target price on the stock. UBS Group initiated coverage on California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 target price on the stock. JPMorgan Chase & Co. initiated coverage on California Resources in a report on Friday, December 20th. They set a “neutral” rating and a $63.00 target price on the stock. Finally, StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $67.25.

California Resources Trading Down 0.8 %

Shares of CRC stock opened at $53.83 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average price of $54.92 and a two-hundred day moving average price of $52.49. California Resources has a 12-month low of $43.09 and a 12-month high of $60.41. The firm has a market cap of $4.92 billion, a P/E ratio of 8.48, a price-to-earnings-growth ratio of 1.31 and a beta of 1.01.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping the consensus estimate of $0.88 by $0.62. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company’s quarterly revenue was up 194.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 earnings per share. Equities analysts anticipate that California Resources will post 3.58 EPS for the current fiscal year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a dividend of $0.3875 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.55 annualized dividend and a yield of 2.88%. California Resources’s dividend payout ratio is 24.41%.

Insider Buying and Selling at California Resources

In other news, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the transaction, the executive vice president now directly owns 30,940 shares in the company, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Noelle M. Repetti sold 8,770 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the transaction, the vice president now owns 8,531 shares in the company, valued at approximately $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

A number of institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in shares of California Resources by 22.8% in the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock worth $62,000 after buying an additional 222 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of California Resources by 475.8% in the 3rd quarter. Tidal Investments LLC now owns 30,231 shares of the oil and gas producer’s stock worth $1,586,000 after buying an additional 24,981 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of California Resources by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after buying an additional 55,815 shares during the last quarter. MML Investors Services LLC boosted its stake in shares of California Resources by 33.6% in the 3rd quarter. MML Investors Services LLC now owns 7,183 shares of the oil and gas producer’s stock worth $377,000 after buying an additional 1,808 shares during the last quarter. Finally, iA Global Asset Management Inc. boosted its stake in shares of California Resources by 30.6% in the 3rd quarter. iA Global Asset Management Inc. now owns 4,870 shares of the oil and gas producer’s stock worth $256,000 after buying an additional 1,140 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

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.