California Resources Co. (NYSE:CRC) Receives Consensus Recommendation of “Buy” from Analysts

California Resources Co. (NYSE:CRC) has received a consensus recommendation of “Buy” from the thirteen brokerages that are presently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $61.27.

Several research firms recently weighed in on CRC. Truist Financial raised California Resources to a “strong-buy” rating in a report on Tuesday, May 6th. Citigroup lifted their target price on California Resources from $36.00 to $44.00 and gave the stock a “neutral” rating in a report on Monday, May 19th. Roth Capital reissued a “buy” rating on shares of California Resources in a research report on Wednesday, May 7th. Royal Bank of Canada lowered their price target on shares of California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, April 11th. Finally, Barclays raised shares of California Resources from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $50.00 to $60.00 in a report on Friday, May 30th.

California Resources Price Performance

Shares of CRC opened at $46.19 on Thursday. The company’s 50-day moving average is $39.19 and its 200-day moving average is $45.83. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The firm has a market capitalization of $4.12 billion, a PE ratio of 7.27, a PEG ratio of 1.02 and a beta of 1.17. California Resources has a fifty-two week low of $30.97 and a fifty-two week high of $60.41.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.24. The firm had revenue of $912.00 million for the quarter, compared to analysts’ expectations of $862.14 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business’s revenue was up 100.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.75 EPS. Equities analysts forecast that California Resources will post 3.85 EPS for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a $0.3875 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a yield of 3.36%. California Resources’s dividend payout ratio (DPR) is 28.13%.

Institutional Investors Weigh In On California Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRC. Larson Financial Group LLC boosted its stake in shares of California Resources by 269.4% in the 1st quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 466 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in California Resources by 68.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock valued at $34,000 after purchasing an additional 316 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in California Resources by 331.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock valued at $53,000 after buying an additional 812 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of California Resources during the first quarter worth $79,000. Finally, Lazard Asset Management LLC grew its stake in shares of California Resources by 52,366.7% during the fourth quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer’s stock worth $81,000 after buying an additional 1,571 shares during the last quarter. 97.79% of the stock is currently owned by 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.