California Resources (NYSE:CRC) Trading 2.5% Higher - Here's Why

California Resources Co. (NYSE:CRC - Get Free Report)'s share price was up 2.5% on Friday . The company traded as high as $43.24 and last traded at $43.34. Approximately 101,104 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 938,875 shares. The stock had previously closed at $42.30.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CRC shares. UBS Group boosted their target price on shares of California Resources from $49.00 to $51.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Wall Street Zen downgraded shares of California Resources from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Royal Bank of Canada dropped their price target on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, April 11th. Barclays raised shares of California Resources from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $50.00 to $60.00 in a research note on Friday. Finally, Citigroup lifted their price target on shares of California Resources from $36.00 to $44.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $61.27.

California Resources Stock Performance

The company has a market capitalization of $3.94 billion, a PE ratio of 6.96, a PEG 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 firm's 50-day simple moving average is $38.84 and its 200-day simple moving average is $46.39.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (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 net margin of 17.43% and a return on equity of 12.16%. The firm's quarterly revenue was up 100.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.75 EPS. On average, research analysts predict that California Resources Co. will post 3.85 earnings per share for the current 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 $0.3875 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.55 annualized dividend and a yield of 3.51%. California Resources's dividend payout ratio (DPR) is 28.13%.

Insider Buying and Selling at California Resources

In other California Resources news, Director James N. Chapman purchased 2,000 shares of the stock in a transaction dated Wednesday, March 5th. The stock was purchased at an average price of $39.42 per share, with a total value of $78,840.00. Following the transaction, the director now owns 43,445 shares of the company's stock, valued at approximately $1,712,601.90. This trade represents a 4.83% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.63% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On California Resources

Hedge funds have recently modified their holdings of the business. Larson Financial Group LLC lifted its position in shares of California Resources by 269.4% in the 1st quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock worth $28,000 after purchasing an additional 466 shares during the period. R Squared Ltd purchased a new stake in shares of California Resources in the 4th quarter worth approximately $31,000. Harbor Capital Advisors Inc. lifted its position in shares of California Resources by 68.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock worth $34,000 after purchasing an additional 316 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of California Resources by 331.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer's stock worth $53,000 after purchasing an additional 812 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in shares of California Resources by 71.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer's stock worth $56,000 after purchasing an additional 454 shares during the period. 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.