California Resources Co. (NYSE:CRC) Given Average Rating of "Moderate Buy" by Brokerages

Shares of California Resources Co. (NYSE:CRC - Get Free Report) have been given a consensus rating of "Moderate Buy" by the thirteen research firms that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $67.08.

A number of equities analysts recently commented on CRC shares. Barclays reduced their price objective on shares of California Resources from $57.00 to $55.00 and set an "equal weight" rating for the company in a research note on Wednesday. StockNews.com raised California Resources from a "sell" rating to a "hold" rating in a research report on Saturday, November 16th. Royal Bank of Canada restated an "outperform" rating and set a $70.00 price objective on shares of California Resources in a research note on Tuesday, January 14th. Truist Financial initiated coverage on California Resources in a research note on Monday, January 13th. They issued a "buy" rating and a $75.00 target price on the stock. Finally, TD Cowen increased their price target on California Resources from $65.00 to $74.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th.

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Insider Buying and Selling

In other news, Director James N. Chapman acquired 2,000 shares of the business's stock in a transaction on Wednesday, March 5th. The stock was bought at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the purchase, the director now owns 43,445 shares in the company, valued at approximately $1,712,601.90. This represents a 4.83 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Omar Hayat sold 16,016 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were 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 of the company's stock, valued at $1,707,269.20. The trade was a 34.11 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.03% of the company's stock.

Institutional Investors Weigh In On California Resources

A number of large investors have recently modified their holdings of CRC. First Trust Advisors LP lifted its stake in shares of California Resources by 14.2% in the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer's stock worth $353,800,000 after buying an additional 845,694 shares in the last quarter. Weiss Asset Management LP purchased a new position in California Resources in the 3rd quarter worth approximately $28,043,000. Palo Duro Investment Partners LP acquired a new position in shares of California Resources during the 4th quarter worth approximately $20,752,000. American Century Companies Inc. grew its position in shares of California Resources by 14.2% in the fourth quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer's stock valued at $120,785,000 after purchasing an additional 290,263 shares in the last quarter. Finally, Balyasny Asset Management L.P. increased its holdings in shares of California Resources by 285.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 318,593 shares of the oil and gas producer's stock valued at $16,532,000 after purchasing an additional 235,955 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Stock Up 1.6 %

Shares of CRC traded up $0.66 during midday trading on Tuesday, reaching $41.63. 877,835 shares of the stock were exchanged, compared to its average volume of 809,795. The company has a market capitalization of $3.80 billion, a P/E ratio of 6.56, a PEG ratio of 1.02 and a beta of 1.06. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. California Resources has a 52 week low of $38.02 and a 52 week high of $60.41. The company's 50 day moving average is $49.34 and its two-hundred day moving average is $51.96.

California Resources (NYSE:CRC - Get Free Report) last issued its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.05). California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $877.00 million for the quarter, compared to the consensus estimate of $901.36 million. On average, sell-side analysts anticipate that California Resources will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Monday, March 10th will be given a $0.3875 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.55 annualized dividend and a dividend yield of 3.72%. California Resources's dividend payout ratio (DPR) is 24.41%.

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.