California Resources (NYSE:CRC) Shares Up 7.8% on Analyst Upgrade

California Resources Corporation (NYSE:CRC - Get Free Report)'s share price rose 7.8% on Friday after Citigroup raised their price target on the stock from $44.00 to $47.00. Citigroup currently has a neutral rating on the stock. California Resources traded as high as $52.64 and last traded at $51.76. Approximately 1,291,103 shares were traded during trading, an increase of 53% from the average daily volume of 843,688 shares. The stock had previously closed at $48.03.

A number of other research analysts have also recently weighed in on CRC. Roth Capital reaffirmed a "buy" rating on shares of California Resources in a report on Wednesday, May 7th. Wall Street Zen cut shares of California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Mizuho raised their target price on California Resources from $60.00 to $61.00 and gave the stock an "outperform" rating in a report on Monday. UBS Group set a $58.00 target price on shares of California Resources and gave the stock a "buy" rating in a research note on Monday. Finally, Bank of America dropped their price target on California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Two research 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.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $62.27.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. SummerHaven Investment Management LLC raised its position in shares of California Resources by 2.6% during the second quarter. SummerHaven Investment Management LLC now owns 15,738 shares of the oil and gas producer's stock valued at $719,000 after buying an additional 403 shares during the last quarter. Sage Rhino Capital LLC lifted its position in shares of California Resources by 8.8% in the 2nd quarter. Sage Rhino Capital LLC now owns 27,950 shares of the oil and gas producer's stock worth $1,276,000 after acquiring an additional 2,249 shares during the period. Paragon Capital Management Ltd grew its holdings in shares of California Resources by 13.6% during the 2nd quarter. Paragon Capital Management Ltd now owns 5,253 shares of the oil and gas producer's stock worth $240,000 after purchasing an additional 627 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of California Resources by 4.8% during the 2nd quarter. State of Alaska Department of Revenue now owns 41,402 shares of the oil and gas producer's stock worth $1,890,000 after purchasing an additional 1,911 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of California Resources in the second quarter valued at $624,000. Institutional investors own 97.79% of the company's stock.

California Resources Stock Performance

The company has a quick ratio of 0.74, a current ratio of 0.83 and a debt-to-equity ratio of 0.25. The firm has a 50-day moving average of $45.15 and a 200 day moving average of $44.45. The stock has a market capitalization of $4.58 billion, a P/E ratio of 9.32 and a beta of 1.16.

California Resources (NYSE:CRC - Get Free Report) last announced its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, topping 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 analysts' expectations of $862.14 million. During the same quarter in the prior year, the business earned $0.75 earnings per share. The business's revenue for the quarter was up 100.9% on a year-over-year basis. Research analysts anticipate that California Resources Corporation will post 3.85 EPS for the current fiscal year.

California Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were issued a dividend of $0.3875 per share. The ex-dividend date was Friday, May 30th. This represents a $1.55 annualized dividend and a yield of 3.02%. California Resources's dividend payout ratio (DPR) is currently 28.13%.

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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