California Resources Corporation (NYSE:CRC) Receives Consensus Recommendation of "Buy" from Brokerages

Key Points

• California Resources Corporation (NYSE:CRC) has received a consensus recommendation of "Buy" from fifteen brokerage firms, with an average 12-month price target of $66.83.
• Recently, the company reported an earnings per share (EPS) of $1.10, surpassing analysts' expectations of $0.91, along with a quarterly revenue growth of 90.3% year-over-year.
• The firm has declared a quarterly dividend of $0.3875, representing an annualized yield of 3.2% and a payout ratio of 21.17%.

California Resources Corporation (NYSE:CRC - Get Free Report) has been given an average recommendation of "Buy" by the fifteen ratings firms that are covering the firm, Marketbeat Ratings reports. Two investment analysts have 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 12-month price objective among analysts that have issued a report on the stock in the last year is $66.8333.

CRC has been the subject of several recent analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of California Resources in a research note on Wednesday, October 8th. Barclays lifted their target price on shares of California Resources from $60.00 to $66.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 16th. JPMorgan Chase & Co. lifted their target price on shares of California Resources from $64.00 to $66.00 and gave the stock an "overweight" rating in a research report on Friday, October 10th. Roth Capital set a $63.00 price target on California Resources in a research report on Monday, September 15th. Finally, Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th.

Institutional Investors Weigh In On California Resources

Several large investors have recently modified their holdings of CRC. Larson Financial Group LLC grew its holdings in 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 purchasing an additional 466 shares during the period. Harbor Capital Advisors Inc. lifted its position in shares of 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 valued at $34,000 after buying an additional 316 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of California Resources during the 2nd quarter valued at $35,000. Nomura Asset Management Co. Ltd. raised its stake 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 valued at $42,000 after acquiring an additional 460 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake 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 valued at $67,000 after acquiring an additional 1,045 shares during the period. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Stock Down 2.9%

CRC stock opened at $48.36 on Wednesday. California Resources has a twelve month low of $30.97 and a twelve month high of $60.41. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26. The stock's 50 day moving average is $51.37 and its 200-day moving average is $45.76. The firm has a market capitalization of $4.05 billion, a PE ratio of 6.61 and a beta of 1.16.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.19. The business 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 quarterly revenue was up 90.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.60 EPS. Sell-side analysts expect that California Resources will post 3.85 EPS for the current fiscal year.

California Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Wednesday, August 27th were issued a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Wednesday, August 27th. California Resources's payout ratio is 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.

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