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California Resources Co. (NYSE:CRC) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

California Resources logo with Oils/Energy background

Shares of California Resources Co. (NYSE:CRC - Get Free Report) have been assigned an average rating of "Moderate Buy" from the thirteen analysts that are covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $66.83.

Several analysts recently weighed in on CRC shares. Barclays lifted their price objective on shares of California Resources from $55.00 to $57.00 and gave the company an "equal weight" rating in a research report on Thursday, October 3rd. Capital One Financial upgraded shares of California Resources to a "strong-buy" rating in a report on Monday, December 9th. Jefferies Financial Group began coverage on California Resources in a research report on Thursday, October 24th. They issued a "buy" rating and a $64.00 price target for the company. Stephens began coverage on shares of California Resources in a research note on Tuesday, October 22nd. They set an "overweight" rating and a $73.00 target price on the stock. Finally, StockNews.com raised shares of California Resources from a "sell" rating to a "hold" rating in a research report on Saturday, November 16th.

Get Our Latest Analysis on California Resources

California Resources Stock Performance

CRC traded up $1.60 on Monday, reaching $54.33. The company had a trading volume of 927,215 shares, compared to its average volume of 936,874. The stock has a market capitalization of $4.96 billion, a PE ratio of 8.56, a P/E/G ratio of 1.35 and a beta of 1.05. California Resources has a 1 year low of $43.09 and a 1 year high of $60.41. The stock has a 50-day moving average price of $54.89 and a 200-day moving average price of $52.48. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. During the same quarter in the prior year, the firm posted $1.02 earnings per share. The company's quarterly revenue was up 194.1% compared to the same quarter last year. As a group, research analysts forecast that California Resources will post 3.58 EPS for the current fiscal year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a $0.3875 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a yield of 2.85%. California Resources's dividend payout ratio is presently 24.41%.

Insider Buying and Selling at California Resources

In related news, 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 transaction of $883,762.88. Following the transaction, the executive vice president now owns 30,940 shares in the company, valued at $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the transaction, the vice president now owns 8,531 shares in the company, valued at $475,603.25. This trade represents a 50.69 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company's stock.

Institutional Trading of California Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC grew its position in California Resources by 22.8% in the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer's stock worth $62,000 after acquiring an additional 222 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of California Resources by 475.8% in the third 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 period. Geode Capital Management LLC grew its position in 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 valued at $83,583,000 after acquiring an additional 55,815 shares during the last quarter. MML Investors Services LLC boosted its stake in shares of California Resources by 33.6% during the third quarter. MML Investors Services LLC now owns 7,183 shares of the oil and gas producer's stock valued at $377,000 after purchasing an additional 1,808 shares during the period. Finally, iA Global Asset Management Inc. grew its holdings in shares of California Resources by 30.6% in the third quarter. iA Global Asset Management Inc. now owns 4,870 shares of the oil and gas producer's stock worth $256,000 after purchasing an additional 1,140 shares during the last quarter. 97.79% of the stock is currently owned by institutional investors.

About California Resources

(Get Free Report

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.

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Analyst Recommendations for California Resources (NYSE:CRC)

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