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

Key Points

• California Resources Corporation (NYSE:CRC) has received an average analyst rating of "Buy", with ten out of thirteen analysts recommending a buy or strong buy on the stock.
• The company recently posted a 100.9% year-over-year revenue increase, reporting $912 million and earnings per share of $1.07, exceeding estimates.
• California Resources also announced a quarterly dividend of $0.3875 per share, representing an annualized dividend yield of 3.3% and a payout ratio of 28.13%.

California Resources Corporation (NYSE:CRC - Get Free Report) has been given an average rating of "Buy" by the thirteen analysts that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $62.27.

Several analysts have issued reports on CRC shares. Bank of America cut their price objective on California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Royal Bank Of Canada reduced their price objective on California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, April 11th. JPMorgan Chase & Co. raised California Resources from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $60.00 to $63.00 in a research note on Tuesday, July 15th. Truist Financial raised shares of California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Finally, Citigroup boosted their price objective on shares of California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th.

Institutional Investors Weigh In On California Resources

Several institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in shares of California Resources by 2.1% in the 1st quarter. Principal Financial Group Inc. now owns 384,200 shares of the oil and gas producer's stock valued at $16,893,000 after purchasing an additional 8,047 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in California Resources by 50.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,211 shares of the oil and gas producer's stock valued at $463,000 after purchasing an additional 3,436 shares during the period. New York State Teachers Retirement System lifted its position in shares of California Resources by 1.4% during the first quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer's stock worth $967,000 after acquiring an additional 300 shares in the last quarter. KBC Group NV lifted its position in shares of California Resources by 41.3% during the first quarter. KBC Group NV now owns 3,569 shares of the oil and gas producer's stock worth $157,000 after acquiring an additional 1,043 shares in the last quarter. Finally, Crossmark Global Holdings Inc. lifted its position in shares of California Resources by 17.4% during the first quarter. Crossmark Global Holdings Inc. now owns 4,823 shares of the oil and gas producer's stock worth $212,000 after acquiring an additional 716 shares in the last quarter. Institutional investors own 97.79% of the company's stock.

California Resources Stock Performance

Shares of CRC traded down $1.35 during midday trading on Friday, hitting $46.83. 778,834 shares of the stock traded hands, compared to its average volume of 878,803. California Resources has a 1-year low of $30.97 and a 1-year high of $60.41. The firm has a market capitalization of $4.18 billion, a PE ratio of 8.50 and a beta of 1.16. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.74 and a current ratio of 0.83. The business's 50 day moving average price is $46.62 and its two-hundred day moving average price is $44.20.

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. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The business had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. During the same quarter in the prior year, the company posted $0.75 earnings per share. The company's quarterly revenue was up 100.9% compared to the same quarter last year. Equities research analysts predict that California Resources will post 3.85 EPS for the current fiscal year.

California Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were issued a dividend of $0.3875 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.55 annualized dividend and a dividend yield of 3.3%. California Resources's dividend payout ratio (DPR) 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.