UBS Group Increases California Resources (NYSE:CRC) Price Target to $58.00

California Resources (NYSE:CRC - Free Report) had its target price boosted by UBS Group from $51.00 to $58.00 in a report issued on Monday morning,Benzinga reports. They currently have a buy rating on the oil and gas producer's stock.

A number of other equities research analysts also recently issued reports on CRC. Mizuho reduced their price target 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. Truist Financial raised California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Barclays upgraded California Resources from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $50.00 to $60.00 in a research report on Friday, May 30th. Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. Finally, Roth Capital reissued a "buy" rating on shares of California Resources in a research note on Wednesday, May 7th. Three research 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 stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $62.00.

California Resources Trading Down 0.5%

CRC stock traded down $0.26 during midday trading on Monday, hitting $47.60. 467,881 shares of the company's stock were exchanged, compared to its average volume of 950,536. California Resources has a 1-year low of $30.97 and a 1-year high of $60.41. 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 $4.24 billion, a PE ratio of 8.64 and a beta of 1.16. The business has a 50-day simple moving average of $44.36 and a two-hundred day simple moving average of $44.45.

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, topping analysts' consensus estimates of $0.83 by $0.24. California Resources had a return on equity of 11.45% and a net margin of 13.70%. The firm had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. During the same period last year, the company earned $0.75 EPS. The company's quarterly revenue was up 100.9% on a year-over-year basis. On average, sell-side analysts predict that California Resources will post 3.85 EPS for the current fiscal year.

California Resources Dividend Announcement

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 $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.26%. The ex-dividend date was Friday, May 30th. California Resources's payout ratio is presently 28.13%.

Institutional Trading of California Resources

A number of large investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC acquired a new stake in California Resources in the second quarter valued at $624,000. Pallas Capital Advisors LLC purchased a new position in shares of California Resources in the 2nd quarter valued at about $362,000. Voya Investment Management LLC raised its position in shares of California Resources by 27.6% during the 1st quarter. Voya Investment Management LLC now owns 52,384 shares of the oil and gas producer's stock worth $2,303,000 after acquiring an additional 11,336 shares in the last quarter. Strs Ohio purchased a new stake in California Resources during the first quarter worth approximately $106,000. Finally, Intech Investment Management LLC lifted its stake in California Resources by 17.7% during the first quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer's stock worth $1,401,000 after purchasing an additional 4,783 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

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.