California Resources Corporation (NYSE:CRC) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• California Resources Corporation (NYSE:CRC) has received an average recommendation of "Buy" from 14 research firms, with an average twelve-month price target of $65.50.
• The company reported earnings of $1.10 EPS for the last quarter, significantly beating analysts' expectations of $0.91, while achieving a 90.3% year-over-year revenue increase.
• California Resources has declared a quarterly dividend of $0.3875 per share, resulting in an annualized yield of 2.8%.

California Resources Corporation (NYSE:CRC - Get Free Report) has earned an average rating of "Buy" from the fourteen brokerages that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, ten have given a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $66.5833.

A number of equities analysts recently issued reports on CRC shares. Mizuho set a $71.00 price target on California Resources in a report on Monday, September 15th. Roth Capital set a $63.00 price target on shares of California Resources in a report on Monday, September 15th. Bank of America lifted their price objective on California Resources from $60.00 to $66.00 and gave the stock a "buy" rating in a report on Monday. UBS Group increased their price target on shares of California Resources from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, September 16th. Finally, Wall Street Zen cut California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th.

Institutional Trading of California Resources

Hedge funds have recently made changes to their positions in the company. SummerHaven Investment Management LLC raised its holdings in California Resources by 1.9% during the 1st quarter. SummerHaven Investment Management LLC now owns 15,335 shares of the oil and gas producer's stock worth $674,000 after purchasing an additional 293 shares during the last quarter. New York State Teachers Retirement System raised its holdings in California Resources by 1.4% during the 1st quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer's stock worth $967,000 after purchasing an additional 300 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in California Resources by 68.8% during the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock worth $34,000 after purchasing an additional 316 shares during the last quarter. Xponance Inc. raised its holdings in California Resources by 7.6% during the 1st quarter. Xponance Inc. now owns 5,304 shares of the oil and gas producer's stock worth $233,000 after purchasing an additional 375 shares during the last quarter. Finally, Yousif Capital Management LLC raised its holdings in California Resources by 1.5% during the 1st quarter. Yousif Capital Management LLC now owns 27,331 shares of the oil and gas producer's stock worth $1,202,000 after purchasing an additional 407 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Trading Down 0.4%

Shares of NYSE CRC traded down $0.22 during trading on Friday, reaching $54.78. The stock had a trading volume of 487,053 shares, compared to its average volume of 967,623. California Resources has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.68 and a current ratio of 0.78. The business's 50-day moving average price is $49.87 and its 200-day moving average price is $44.63. The company has a market cap of $4.58 billion, a P/E ratio of 7.48 and a beta of 1.16.

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

California Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Wednesday, August 27th were issued a $0.3875 dividend. The ex-dividend date was Wednesday, August 27th. This represents a $1.55 dividend on an annualized basis and a yield of 2.8%. California Resources's dividend payout ratio (DPR) is presently 21.17%.

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.