California Resources (NYSE:CRC) Price Target Raised to $74.00

California Resources (NYSE:CRC) had its price objective lifted by TD Cowen from $65.00 to $74.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a buy rating on the oil and gas producer’s stock.

A number of other research analysts also recently issued reports on the company. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and lifted their price target for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. UBS Group assumed coverage on California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price target on the stock. Stephens assumed coverage on California Resources in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price on the stock. StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Finally, Barclays boosted their target price on California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $66.40.

California Resources Trading Down 0.2 %

Shares of NYSE CRC opened at $58.47 on Tuesday. California Resources has a twelve month low of $43.09 and a twelve month high of $60.41. The business has a fifty day simple moving average of $54.25 and a two-hundred day simple moving average of $51.27. The firm has a market cap of $3.97 billion, a PE ratio of 9.21, a price-to-earnings-growth ratio of 1.44 and a beta of 0.98. 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) last announced its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. During the same period last year, the business posted $1.02 EPS. The business’s revenue was up 194.1% compared to the same quarter last year. Analysts expect that California Resources will post 3.42 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.3875 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a yield of 2.65%. California Resources’s dividend payout ratio is currently 24.41%.

Insiders Place Their Bets

In other news, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the completion of the transaction, the chief executive officer now owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The trade was a 4.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the transaction, the vice president now directly owns 8,531 shares of the company’s stock, valued at approximately $475,603.25. This trade represents a 50.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,270 shares of company stock valued at $1,387,778. 0.63% of the stock is owned by company insiders.

Hedge Funds Weigh In On California Resources

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC raised its holdings in California Resources by 61.5% in the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 371 shares during the period. Point72 DIFC Ltd purchased a new stake in California Resources during the 3rd quarter worth approximately $70,000. KBC Group NV increased its stake in California Resources by 29.1% during the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after buying an additional 431 shares in the last quarter. Farther Finance Advisors LLC increased its stake in California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after buying an additional 276 shares in the last quarter. Finally, Atria Investments Inc purchased a new stake in California Resources during the 3rd quarter worth approximately $209,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

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.