California Resources (NYSE:CRC) Upgraded by Truist Financial to "Strong-Buy" Rating

Truist Financial upgraded shares of California Resources (NYSE:CRC - Free Report) to a strong-buy rating in a report published on Tuesday, May 6th,Zacks.com reports.

A number of other analysts have also recently issued reports on CRC. Roth Capital restated a "buy" rating on shares of California Resources in a research report on Wednesday, May 7th. Royal Bank of Canada reduced their price target 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. Barclays dropped their price target on California Resources from $55.00 to $47.00 and set an "equal weight" rating for the company in a report on Wednesday, April 23rd. Citigroup lowered California Resources from a "buy" rating to a "neutral" rating and cut their price target for the company from $62.00 to $36.00 in a research note on Monday, April 7th. Finally, Bank of America reduced their price objective on California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, California Resources has a consensus rating of "Moderate Buy" and a consensus price target of $59.64.

California Resources Price Performance

Shares of NYSE:CRC traded up $1.49 on Tuesday, reaching $43.65. 308,665 shares of the company were exchanged, compared to its average volume of 868,346. The firm has a market cap of $3.89 billion, a price-to-earnings ratio of 6.87, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average of $38.89 and a 200-day moving average of $47.59. 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 earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, beating the consensus estimate of $0.83 by $0.24. The company had revenue of $912.00 million during the quarter, compared to analysts' expectations of $862.14 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business's revenue was up 100.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 EPS. Equities analysts forecast that California Resources will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be given a dividend of $0.3875 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.55 dividend on an annualized basis and a yield of 3.55%. California Resources's payout ratio is 28.13%.

Insider Transactions at California Resources

In other California Resources news, Director James N. Chapman bought 2,000 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The stock was purchased at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the purchase, the director now owns 43,445 shares of the company's stock, valued at $1,712,601.90. This trade represents a 4.83% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.03% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of California Resources by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer's stock valued at $484,953,000 after purchasing an additional 225,620 shares during the period. First Trust Advisors LP increased its stake 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 valued at $353,800,000 after acquiring an additional 845,694 shares during the period. American Century Companies Inc. grew its stake in shares of California Resources by 14.2% in the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer's stock valued at $120,785,000 after purchasing an additional 290,263 shares during the period. Geode Capital Management LLC boosted its holdings in shares of California Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer's stock worth $83,344,000 after acquiring an additional 13,116 shares in the last quarter. Finally, Sourcerock Group LLC lifted its holdings in California Resources by 6.5% during the 4th quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer's stock worth $56,298,000 after buying an additional 65,981 shares in the last quarter. Institutional investors own 97.79% of the company's stock.

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.