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

Shares of California Resources Co. (NYSE:CRC - Get Free Report) have been assigned a consensus recommendation of "Buy" from the thirteen research firms that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $61.27.

CRC has been the subject of a number of recent analyst reports. Bank of America decreased their target price on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Roth Capital reaffirmed a "buy" rating on shares of California Resources in a research note on Wednesday, May 7th. Truist Financial raised shares of California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Mizuho reduced their price target on shares of California Resources from $64.00 to $60.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Finally, Barclays raised shares of California Resources from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $50.00 to $60.00 in a research report on Friday, May 30th.

Hedge Funds Weigh In On California Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC lifted its holdings 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 worth $28,000 after buying an additional 466 shares in the last quarter. Harbor Capital Advisors Inc. lifted its holdings 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 worth $34,000 after buying an additional 316 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings 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 worth $53,000 after buying an additional 812 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of California Resources during the first quarter worth $79,000. Finally, Lazard Asset Management LLC lifted its holdings 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 in the last quarter. 97.79% of the stock is owned by institutional investors.

California Resources Stock Performance

Shares of California Resources stock traded up $1.01 during trading on Thursday, hitting $47.27. 911,603 shares of the stock were exchanged, compared to its average volume of 863,290. The stock's fifty day moving average is $39.73 and its 200 day moving average is $45.58. The stock has a market cap of $4.22 billion, a PE ratio of 7.44, a P/E/G ratio of 1.02 and a beta of 1.17. 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 has a 12 month low of $30.97 and a 12 month high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company's quarterly revenue was up 100.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.75 earnings per share. As a group, sell-side analysts anticipate that California Resources will post 3.85 EPS for the current year.

California Resources Announces Dividend

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