California Resources (NYSE:CRC) Price Target Raised to $66.00

Key Points

• Barclays has increased its price target for California Resources from $60.00 to $66.00, maintaining an "overweight" rating on the stock, which suggests a potential upside of 17.33% from its current price.
• In addition to Barclays, other firms have adjusted their price targets, with Citigroup raising theirs to $47.00, while Bank of America targets $60.00, indicating varied analyst sentiment.
• California Resources reported a strong earnings performance with $1.10 EPS for the last quarter, significantly beating analyst estimates and showing 90.3% revenue growth year-over-year.

California Resources (NYSE:CRC - Free Report) had its price target upped by Barclays from $60.00 to $66.00 in a report released on Tuesday, MarketBeat.com reports. The firm currently has an overweight rating on the oil and gas producer's stock.

Other equities research analysts also recently issued research reports about the stock. Citigroup raised 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. Bank of America lifted their price target on California Resources from $53.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. UBS Group lifted their price target on California Resources from $61.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Roth Capital set a $63.00 price target on California Resources in a research note on Monday. Finally, Mizuho set a $71.00 price target on California Resources in a research note on Monday. Three analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $65.50.

California Resources Stock Performance

NYSE:CRC traded down $2.59 during mid-day trading on Tuesday, reaching $54.99. 2,283,786 shares of the stock were exchanged, compared to its average volume of 1,024,145. The company has a 50 day simple moving average of $49.87 and a 200-day simple moving average of $44.58. The stock has a market capitalization of $4.60 billion, a P/E ratio of 7.51 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 has a 1 year low of $30.97 and a 1 year high of $60.41.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.19. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The firm had revenue of $978.00 million for the quarter, compared to the consensus estimate of $820.93 million. During the same quarter last year, the business posted $0.60 EPS. The firm's quarterly revenue was up 90.3% compared to the same quarter last year. Analysts anticipate that California Resources will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CRC. Lazard Asset Management LLC boosted its holdings in shares of California Resources by 52,366.7% in the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock valued at $81,000 after buying an additional 1,571 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of California Resources by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,269 shares of the oil and gas producer's stock worth $2,038,000 after purchasing an additional 1,484 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of California Resources by 1,679.8% in the 4th quarter. Millennium Management LLC now owns 190,443 shares of the oil and gas producer's stock worth $9,882,000 after purchasing an additional 179,743 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of California Resources by 56.3% in the 4th quarter. Nuveen Asset Management LLC now owns 429,526 shares of the oil and gas producer's stock worth $22,288,000 after purchasing an additional 154,804 shares during the last quarter. Finally, Man Group plc bought a new stake in shares of California Resources in the 4th quarter worth approximately $613,000. 97.79% of the stock is owned by institutional investors and hedge funds.

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.