California Resources (NYSE:CRC) Raised to Strong-Buy at Truist Financial

Truist Financial upgraded shares of California Resources (NYSE:CRC) to a strong-buy rating in a report issued on Tuesday morning,Zacks.com reports.

Several other equities research analysts have also issued reports on the stock. Barclays reduced their target price on shares of California Resources from $55.00 to $47.00 and set an “equal weight” rating for the company in a report on Wednesday, April 23rd. Royal Bank of Canada cut their price target on California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, April 11th. Citigroup cut California Resources from a “buy” rating to a “neutral” rating and decreased their price target for the company from $62.00 to $36.00 in a report on Monday, April 7th. Bank of America cut their target price on California Resources from $64.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, April 29th. Finally, Roth Capital reissued a “buy” rating on shares of California Resources in a report on Wednesday. Four analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.73.

California Resources Trading Up 5.9 %

Shares of NYSE:CRC opened at $40.75 on Tuesday. The stock’s 50-day simple moving average is $38.83 and its two-hundred day simple moving average is $47.82. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of 6.42, a PEG ratio of 1.02 and a beta of 1.06. California Resources has a 52-week low of $30.97 and a 52-week high of $60.41. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.24. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company had revenue of $912.00 million for the quarter, compared to analysts’ expectations of $862.14 million. During the same period last year, the firm earned $0.75 EPS. California Resources’s revenue for the quarter was up 100.9% compared to the same quarter last year. Analysts expect that California Resources will post 3.85 EPS for the current year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given a $0.3875 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.55 annualized dividend and a yield of 3.80%. California Resources’s dividend payout ratio is currently 28.13%.

Insider Activity

In other news, Director James N. Chapman acquired 2,000 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was acquired at an average price of $39.42 per share, with a total value of $78,840.00. Following the completion of the purchase, the director now directly owns 43,445 shares in the company, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

Large investors have recently bought and sold shares of the business. Yousif Capital Management LLC increased its stake in California Resources by 0.7% in the 4th quarter. Yousif Capital Management LLC now owns 26,924 shares of the oil and gas producer’s stock worth $1,397,000 after buying an additional 196 shares during the period. GAMMA Investing LLC raised its stake in shares of California Resources by 22.8% during the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock valued at $62,000 after acquiring an additional 222 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of California Resources by 1.2% in the fourth quarter. Arizona State Retirement System now owns 18,199 shares of the oil and gas producer’s stock valued at $944,000 after purchasing an additional 222 shares during the period. Summit Investment Advisors Inc. grew its stake in California Resources by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,217 shares of the oil and gas producer’s stock worth $374,000 after purchasing an additional 228 shares in the last quarter. Finally, SummerHaven Investment Management LLC increased its holdings in California Resources by 1.9% during the 1st quarter. SummerHaven Investment Management LLC now owns 15,335 shares of the oil and gas producer’s stock worth $674,000 after purchasing an additional 293 shares during the period. Hedge funds and other institutional investors 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.