California Resources (NYSE:CRC) Stock Price Up 7.4% on Analyst Upgrade

Key Points

• California Resources Corporation's stock price surged 7.4% following an upgrade from Mizuho, which raised its price target from $64.00 to $65.00 while maintaining an outperform rating.
• Multiple analysts have upgraded their ratings on California Resources, with JPMorgan and UBS both rating the stock as overweight or buy, indicating strong positive sentiment among investment firms.
• The company reported impressive quarterly earnings, with $1.10 EPS, outperforming estimates of $0.91 and showcasing a revenue increase of 90.3% year-over-year.

California Resources Corporation (NYSE:CRC - Get Free Report) shot up 7.4% during trading on Monday after Mizuho raised their price target on the stock from $64.00 to $65.00. Mizuho currently has an outperform rating on the stock. California Resources traded as high as $56.43 and last traded at $56.95. 1,222,046 shares changed hands during trading, an increase of 29% from the average session volume of 947,097 shares. The stock had previously closed at $53.01.

Several other analysts also recently weighed in on the company. JPMorgan Chase & Co. upgraded California Resources from a "neutral" rating to an "overweight" rating and increased their target price for the company from $60.00 to $63.00 in a research note on Tuesday, July 15th. Roth Capital reiterated a "buy" rating on shares of California Resources in a research report on Saturday, July 19th. Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. Citigroup raised their price objective on California Resources from $44.00 to $47.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, UBS Group raised their price objective on California Resources from $61.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $64.00.

Hedge Funds Weigh In On California Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. American Century Companies Inc. increased its holdings in California Resources by 10.5% during the 2nd quarter. American Century Companies Inc. now owns 2,846,722 shares of the oil and gas producer's stock valued at $130,010,000 after purchasing an additional 270,562 shares in the last quarter. Sourcerock Group LLC increased its holdings in California Resources by 63.8% during the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer's stock valued at $91,370,000 after purchasing an additional 779,280 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its holdings in California Resources by 6.1% during the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,289,479 shares of the oil and gas producer's stock valued at $58,891,000 after purchasing an additional 73,885 shares in the last quarter. Orbis Allan Gray Ltd increased its holdings in California Resources by 3.0% during the 1st quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer's stock valued at $52,713,000 after purchasing an additional 34,593 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in California Resources by 4.4% during the 1st quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer's stock valued at $46,780,000 after purchasing an additional 44,938 shares in the last quarter. Institutional investors own 97.79% of the company's stock.

California Resources Price Performance

The stock has a fifty day moving average of $48.96 and a two-hundred day moving average of $44.09. The stock has a market capitalization of $4.81 billion, a price-to-earnings ratio of 7.85 and a beta of 1.16. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.26.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.19. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The firm had revenue of $978.00 million during the quarter, compared to analysts' expectations of $820.93 million. During the same period last year, the firm posted $0.60 EPS. The business's revenue was up 90.3% on a year-over-year basis. As a group, equities research analysts forecast that California Resources Corporation will post 3.85 earnings per share for the current year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Wednesday, August 27th were issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Wednesday, August 27th. California Resources's dividend payout ratio (DPR) is currently 21.17%.

About California Resources

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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