California Resources Co. (NYSE:CRC) Receives $63.36 Average Price Target from Analysts

California Resources Co. (NYSE:CRC - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the twelve analysts that are currently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $62.64.

CRC has been the topic of several analyst reports. Royal Bank of Canada lowered their target price on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a report on Friday, April 11th. Citigroup lowered shares of California Resources from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $62.00 to $36.00 in a report on Monday, April 7th. Truist Financial began coverage on shares of California Resources in a research report on Monday, January 13th. They issued a "buy" rating and a $75.00 price objective for the company. Finally, Barclays reduced their target price on shares of California Resources from $55.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 23rd.

Insiders Place Their Bets

In other California Resources news, Director James N. Chapman bought 2,000 shares of the stock in a transaction on Wednesday, March 5th. The stock was purchased at an average price of $39.42 per share, with a total value of $78,840.00. Following the acquisition, the director now owns 43,445 shares of the company's stock, valued at approximately $1,712,601.90. The trade was a 4.83 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.03% of the company's stock.

Hedge Funds Weigh In On California Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. R Squared Ltd acquired a new position in shares of California Resources in the 4th quarter valued at $31,000. Harbor Capital Advisors Inc. grew its holdings in shares of 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 buying an additional 316 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of California Resources by 331.4% in the 4th 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 during the period. Nisa Investment Advisors LLC grew its holdings in shares of California Resources by 71.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer's stock valued at $56,000 after buying an additional 454 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of California Resources by 22.8% in the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer's stock valued at $62,000 after buying an additional 222 shares during the period. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Stock Performance

California Resources stock traded up $0.09 on Wednesday, hitting $35.71. The company's stock had a trading volume of 648,250 shares, compared to its average volume of 859,817. The company has a fifty day moving average price of $40.25 and a 200-day moving average price of $48.62. 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 has a one year low of $30.97 and a one year high of $60.41. The firm has a market cap of $3.24 billion, a P/E ratio of 5.62, a price-to-earnings-growth ratio of 1.02 and a beta of 1.03.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.05). California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm had revenue of $877.00 million during the quarter, compared to the consensus estimate of $901.36 million. On average, equities analysts anticipate that California Resources will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date of this dividend was Monday, March 10th. California Resources's dividend payout ratio is presently 37.71%.

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.