Citigroup Forecasts Strong Price Appreciation for California Resources (NYSE:CRC) Stock

California Resources (NYSE:CRC - Free Report) had its price target hoisted by Citigroup from $44.00 to $47.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas producer's stock.

Several other research analysts also recently weighed in on the company. Barclays upgraded 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 note on Friday, May 30th. Mizuho lifted their price target on California Resources from $60.00 to $61.00 and gave the company an "outperform" rating in a report on Monday, July 14th. Roth Capital restated a "buy" rating on shares of California Resources in a research note on Wednesday, May 7th. Bank of America reduced their target price on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. raised California Resources from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $60.00 to $63.00 in a research note on Tuesday, July 15th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $62.27.

California Resources Stock Performance

CRC stock traded up $3.28 during midday trading on Thursday, reaching $51.31. 2,423,644 shares of the company's stock traded hands, compared to its average volume of 848,705. California Resources has a 52 week low of $30.97 and a 52 week high of $60.41. The company has a 50-day moving average price of $45.37 and a two-hundred day moving average price of $44.39. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.74 and a current ratio of 0.83. The firm has a market capitalization of $4.58 billion, a PE ratio of 9.31 and a beta of 1.16.

California Resources (NYSE:CRC - Get Free Report) last issued its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.24. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The firm had revenue of $912.00 million for the quarter, compared to analysts' expectations of $862.14 million. During the same quarter last year, the business earned $0.75 earnings per share. The business's revenue was up 100.9% on a year-over-year basis. As a group, equities analysts anticipate that California Resources will post 3.85 EPS for the current year.

California Resources Announces Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. SummerHaven Investment Management LLC grew its stake 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 acquiring an additional 403 shares in the last quarter. Sage Rhino Capital LLC increased its stake in shares of California Resources by 8.8% in the second quarter. Sage Rhino Capital LLC now owns 27,950 shares of the oil and gas producer's stock worth $1,276,000 after buying an additional 2,249 shares during the last quarter. Paragon Capital Management Ltd raised its holdings in California Resources by 13.6% in the second quarter. Paragon Capital Management Ltd now owns 5,253 shares of the oil and gas producer's stock valued at $240,000 after acquiring an additional 627 shares in the last quarter. State of Alaska Department of Revenue lifted its position in shares of California Resources by 4.8% during the second 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 during the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new position in California Resources during the 2nd quarter worth approximately $624,000. Hedge funds and other 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.