California Resources Co. (NYSE:CRC) Given Average Recommendation of "Buy" by Analysts

California Resources Co. (NYSE:CRC - Get Free Report) has been assigned an average recommendation of "Buy" from the thirteen research firms that are covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $61.27.

Several brokerages recently weighed in on CRC. Royal Bank of Canada reduced their price target on California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research note on Friday, April 11th. Truist Financial raised California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Barclays raised California Resources from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $50.00 to $60.00 in a research note on Friday, May 30th. Mizuho reduced their price target on California Resources from $64.00 to $60.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Finally, Wall Street Zen cut California Resources from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th.

Institutional Investors Weigh In On California Resources

A number of institutional investors have recently modified their holdings of CRC. Larson Financial Group LLC boosted its position in shares of California Resources by 269.4% during the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock valued at $28,000 after buying an additional 466 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of California Resources by 68.8% during the first 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 last quarter. Smartleaf Asset Management LLC boosted its position in shares of California Resources by 331.4% during 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 during the last quarter. Lazard Asset Management LLC boosted its position 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 valued at $81,000 after buying an additional 1,571 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of California Resources during the first quarter valued at $79,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Trading Up 2.2%

Shares of California Resources stock traded up $1.01 during midday trading on Thursday, reaching $47.27. 911,603 shares of the company's stock traded hands, compared to its average volume of 864,105. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The company has a market cap of $4.22 billion, a PE ratio of 7.44, a price-to-earnings-growth ratio of 1.02 and a beta of 1.17. The stock has a 50 day moving average of $39.73 and a 200-day moving average of $45.67. California Resources has a 12 month low of $30.97 and a 12 month high of $60.41.

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

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were paid a $0.3875 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.28%. California Resources's dividend payout ratio is currently 28.13%.

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.