California Resources (NYSE:CRC) Cut to "Hold" at Wall Street Zen

Wall Street Zen downgraded shares of California Resources (NYSE:CRC - Free Report) from a buy rating to a hold rating in a report released on Sunday morning.

Several other research analysts also recently issued reports on the stock. Barclays upgraded 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. Citigroup raised their price target on shares of California Resources from $36.00 to $44.00 and gave the company a "neutral" rating in a report on Monday, May 19th. UBS Group boosted their price objective on shares of California Resources from $49.00 to $51.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Roth Capital reiterated a "buy" rating on shares of California Resources in a research report on Wednesday, May 7th. Finally, Truist Financial raised California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, California Resources presently has an average rating of "Moderate Buy" and an average price target of $61.27.

California Resources Price Performance

Shares of CRC traded up $0.06 on Friday, hitting $45.73. The company's stock had a trading volume of 1,092,972 shares, compared to its average volume of 832,767. The company has a market capitalization of $4.08 billion, a PE ratio of 8.30 and a beta of 1.17. California Resources has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The company has a 50 day moving average price of $42.00 and a 200 day moving average price of $44.79. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.83 and a quick ratio of 0.74.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.24. The firm had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. California Resources had a return on equity of 11.45% and a net margin of 13.70%. The business's revenue for the quarter was up 100.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.75 EPS. On average, research analysts anticipate that California Resources will post 3.85 earnings per share for the current fiscal year.

California Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were given a $0.3875 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.55 annualized dividend and a dividend yield of 3.39%. California Resources's dividend payout ratio is currently 28.13%.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Trust Advisors LP boosted its holdings in California Resources by 14.2% during the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer's stock worth $353,800,000 after buying an additional 845,694 shares during the last quarter. Nuveen LLC acquired a new stake in shares of California Resources in the 1st quarter valued at approximately $28,254,000. Millennium Management LLC raised its position in shares of California Resources by 255.5% in the 1st quarter. Millennium Management LLC now owns 677,093 shares of the oil and gas producer's stock valued at $29,772,000 after acquiring an additional 486,650 shares during the period. Palo Duro Investment Partners LP bought a new position in California Resources during the 4th quarter worth approximately $20,752,000. Finally, Brandywine Global Investment Management LLC acquired a new position in California Resources during the first quarter valued at approximately $14,456,000. Institutional investors own 97.79% of the company's stock.

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.