Wall Street Zen Upgrades California Resources (NYSE:CRC) to "Buy"

Wall Street Zen upgraded shares of California Resources (NYSE:CRC - Free Report) from a hold rating to a buy rating in a research note released on Saturday.

A number of other research analysts have also issued reports on CRC. Mizuho lowered their target price on shares of California Resources from $64.00 to $60.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Roth Capital reaffirmed a "buy" rating on shares of California Resources in a research report on Wednesday, May 7th. Truist Financial upgraded California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Barclays raised California Resources from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $50.00 to $60.00 in a research report on Friday, May 30th. Finally, Royal Bank Of Canada reduced their price objective on California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a research report on Friday, April 11th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $61.27.

California Resources Stock Down 1.3%

CRC stock traded down $0.61 during mid-day trading on Friday, hitting $45.74. The stock had a trading volume of 678,342 shares, compared to its average volume of 832,520. California Resources has a 1-year low of $30.97 and a 1-year high of $60.41. The company has a fifty day moving average of $41.16 and a 200 day moving average of $45.08. The company has a current ratio of 0.83, a quick ratio of 0.74 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of 8.30 and a beta of 1.17.

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

California Resources Announces Dividend

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

Institutional Investors Weigh In On California Resources

A number of institutional investors have recently added to or reduced their stakes in CRC. Larson Financial Group LLC boosted its stake 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 valued at $28,000 after buying an additional 466 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of 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 purchasing an additional 316 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in California Resources by 331.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer's stock valued at $53,000 after purchasing an additional 812 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in California Resources in the first quarter valued at about $79,000. Finally, Lazard Asset Management LLC grew its stake in California Resources by 52,366.7% during the fourth quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer's stock worth $81,000 after buying an additional 1,571 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

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.