California Resources Corporation (NYSE:CRC) Receives $63.00 Consensus Target Price from Brokerages

Key Points

• California Resources Corporation has received an average recommendation of "Buy" from thirteen brokerages, with one hold, ten buy, and two strong buy ratings, alongside a target price of $63.00.
• The company reported earnings of $1.10 per share for the last quarter, exceeding expectations, and has a revenue increase of 90.3% compared to the previous year.
• California Resources recently declared a quarterly dividend of $0.3875 per share, resulting in an annualized yield of 3.1%.

Shares of California Resources Corporation (NYSE:CRC - Get Free Report) have received a consensus rating of "Buy" from the thirteen analysts that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $63.00.

A number of analysts recently weighed in on CRC shares. Mizuho upped their price target on shares of California Resources from $61.00 to $64.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. UBS Group upped their price target on shares of California Resources from $61.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Barclays raised shares of 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 report on Friday, May 30th. Roth Capital reaffirmed a "buy" rating on shares of California Resources in a research report on Saturday, July 19th. Finally, JPMorgan Chase & Co. raised shares of California Resources from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $60.00 to $63.00 in a research report on Tuesday, July 15th.

Hedge Funds Weigh In On California Resources

Institutional investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC lifted its holdings in California Resources by 269.4% in the 1st 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. Caitong International Asset Management Co. Ltd acquired a new position in California Resources in the 2nd quarter worth $35,000. Harbor Capital Advisors Inc. lifted its holdings in 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 worth $34,000 after buying an additional 316 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in California Resources by 97.9% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer's stock worth $42,000 after buying an additional 460 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in California Resources by 242.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,476 shares of the oil and gas producer's stock worth $67,000 after buying an additional 1,045 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Trading Up 0.2%

Shares of NYSE CRC traded up $0.12 during trading on Tuesday, hitting $49.80. 565,689 shares of the company traded hands, compared to its average volume of 825,582. California Resources has a 1 year low of $30.97 and a 1 year high of $60.41. The company has a 50-day moving average price of $48.02 and a 200-day moving average price of $43.83. The firm has a market capitalization of $4.17 billion, a P/E ratio of 6.80 and a beta of 1.16. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The company had revenue of $978.00 million during the quarter, compared to analysts' expectations of $820.93 million. During the same period in the previous year, the company earned $0.60 EPS. The business's quarterly revenue was up 90.3% compared to the same quarter last year. On average, equities analysts predict that California Resources will post 3.85 EPS for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th will be issued a $0.3875 dividend. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 dividend on an annualized basis and a yield of 3.1%. California Resources's payout ratio is currently 21.17%.

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.