California Resources (NYSE:CRC) Trading 2.5% Higher - Should You Buy?

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

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Royal Bank of Canada decreased their price target on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research note on Friday, April 11th. UBS Group raised their target price on shares of California Resources from $49.00 to $51.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Roth Capital reaffirmed a "buy" rating on shares of California Resources in a research note on Wednesday, May 7th. Truist Financial upgraded California Resources to a "strong-buy" rating in a report on Tuesday, May 6th. Finally, Bank of America reduced their price target on California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Three equities 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. Based on data from MarketBeat.com, California Resources has an average rating of "Moderate Buy" and an average price target of $61.27.

California Resources Price Performance

The company has a market capitalization of $4.08 billion, a PE ratio of 7.20, 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 company's 50 day moving average price is $38.85 and its 200-day moving average price is $46.31.

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 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.24. The company had revenue of $912.00 million for the quarter, compared to the consensus estimate of $862.14 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company's quarterly revenue was up 100.9% compared to the same quarter last year. During the same period last year, the business posted $0.75 EPS. On average, sell-side analysts forecast that California Resources Co. will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.3875 per share. The ex-dividend date is Friday, May 30th. This represents a $1.55 annualized dividend and a yield of 3.39%. California Resources's dividend payout ratio is currently 28.13%.

Insider Activity at California Resources

In related news, Director James N. Chapman purchased 2,000 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The stock was acquired at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the purchase, the director now owns 43,445 shares in the company, valued at approximately $1,712,601.90. This represents a 4.83% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.03% of the company's stock.

Institutional Investors Weigh In On California Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC raised its position in shares of California Resources by 269.4% during the 1st quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock valued at $28,000 after acquiring an additional 466 shares in the last quarter. R Squared Ltd acquired a new stake in shares of California Resources during the fourth quarter worth $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 buying an additional 316 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings 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 valued at $53,000 after buying an additional 812 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of California Resources during the 1st quarter valued at about $79,000. 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.