California Resources (NYSE:CRC) Price Target Cut to $60.00 by Analysts at Royal Bank of Canada

California Resources (NYSE:CRC - Free Report) had its price target reduced by Royal Bank of Canada from $68.00 to $60.00 in a research report report published on Friday,Benzinga reports. They currently have an outperform rating on the oil and gas producer's stock.

Other equities research analysts have also issued reports about the stock. Truist Financial began coverage on shares of California Resources in a report on Monday, January 13th. They set a "buy" rating and a $75.00 price objective on the stock. Citigroup lowered California Resources from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $62.00 to $36.00 in a research note on Monday, April 7th. 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, Barclays lowered their price objective on California Resources from $57.00 to $55.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.83.

California Resources Stock Up 0.7 %

Shares of California Resources stock traded up $0.24 on Friday, reaching $34.66. The stock had a trading volume of 173,351 shares, compared to its average volume of 847,787. 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 stock has a market capitalization of $3.14 billion, a P/E ratio of 5.46, a P/E/G ratio of 1.02 and a beta of 1.03. The company has a 50 day moving average price of $42.50 and a 200 day moving average price of $49.76. California Resources has a 1 year low of $30.97 and a 1 year high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 analyst estimates of $901.36 million. As a group, equities research analysts forecast that California Resources will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were given a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date was Monday, March 10th. California Resources's payout ratio is 37.71%.

Insiders Place Their Bets

In other news, Director James N. Chapman bought 2,000 shares of the stock in a transaction that occurred 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 acquisition, the director now directly owns 43,445 shares of the company's stock, valued at $1,712,601.90. The trade was a 4.83 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 0.03% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Verition Fund Management LLC grew its stake in California Resources by 85.3% during the 3rd quarter. Verition Fund Management LLC now owns 7,851 shares of the oil and gas producer's stock worth $412,000 after purchasing an additional 3,615 shares in the last quarter. State Street Corp lifted its stake in California Resources by 5.1% in the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer's stock worth $181,021,000 after acquiring an additional 168,278 shares during the last quarter. MML Investors Services LLC lifted its position in shares of California Resources by 33.6% during the 3rd quarter. MML Investors Services LLC now owns 7,183 shares of the oil and gas producer's stock worth $377,000 after purchasing an additional 1,808 shares during the last quarter. Geode Capital Management LLC raised its position in shares of California Resources by 3.6% during 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 acquiring an additional 55,815 shares in the last quarter. Finally, Tidal Investments LLC lifted its stake in California Resources by 475.8% during the third quarter. Tidal Investments LLC now owns 30,231 shares of the oil and gas producer's stock worth $1,586,000 after purchasing an additional 24,981 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

About California Resources

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.