California Resources Corporation (CRC) - What Are Researchers Thinking About This Stock?

Key Points

• Analysts remain broadly positive: California Resources has a “Moderate Buy” consensus from 13 firms, with an average 12-month price target of $74.44 versus a recent price of $54.63.
• The company reported quarterly revenue of $1.30 billion, up 33% year over year, but earnings of $0.99 per share fell short of the $1.36 consensus estimate.
• California Resources pays a quarterly dividend of $0.405, or $1.62 annually, representing a 3.0% yield; institutional investors own approximately 97.79% of its shares, while insiders have recently sold stock.

Shares of California Resources Corporation (NYSE:CRC - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the thirteen research firms that are currently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $74.44.

Several equities analysts recently issued reports on CRC shares. Stifel Nicolaus began coverage on California Resources in a research note on Thursday, September 10th. They set a "buy" rating and a $68.00 target price on the stock. Zacks Research raised shares of California Resources from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 26th. UBS Group reaffirmed a "buy" rating and issued a $68.00 price target (down from $73.00) on shares of California Resources in a report on Monday, October 12th. Citigroup decreased their price objective on shares of California Resources from $78.00 to $70.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Finally, Stephens lowered their target price on shares of California Resources from $93.00 to $91.00 and set an "overweight" rating on the stock in a research report on Friday, September 18th.

California Resources Price Performance

NYSE:CRC opened at $54.63 on Friday. The stock's fifty day moving average is $53.52 and its two-hundred day moving average is $56.41. California Resources has a 52 week low of $43.24 and a 52 week high of $71.98. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $4.85 billion, a P/E ratio of -40.17 and a beta of 1.02.

California Resources (NYSE:CRC - Get Free Report) last announced its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.37). California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%. The company had revenue of $1.30 billion for the quarter, compared to analysts' expectations of $960.20 million. During the same period last year, the business earned $1.10 EPS. The company's quarterly revenue was up 33.0% compared to the same quarter last year. Equities analysts expect that California Resources will post 4.30 EPS for the current year.

California Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were paid a $0.4050 dividend. This represents a $1.62 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Friday, September 4th. California Resources's dividend payout ratio (DPR) is -119.12%.

Insiders Place Their Bets

In other California Resources news, EVP Jay Bys sold 11,907 shares of the business's stock in a transaction on Monday, October 12th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president directly owned 123,703 shares of the company's stock, valued at approximately $6,679,962. The trade was a 8.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 35,721 shares of company stock valued at $1,928,934. Company insiders own 0.53% of the company's stock.

Institutional Investors Weigh In On California Resources

A number of institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its stake in shares of California Resources by 13.6% in the first quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer's stock valued at $155,000 after buying an additional 268 shares in the last quarter. GAMMA Investing LLC grew its position in shares of California Resources by 15.8% in the third quarter. GAMMA Investing LLC now owns 2,175 shares of the oil and gas producer's stock valued at $110,000 after purchasing an additional 296 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in California Resources by 8.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the oil and gas producer's stock valued at $281,000 after buying an additional 327 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in California Resources by 2.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 17,706 shares of the oil and gas producer's stock worth $929,000 after purchasing an additional 413 shares in the last quarter. Finally, Valued Wealth Advisors LLC purchased a new stake in shares of California Resources during the first quarter worth about $29,000. Hedge funds and other institutional investors own 97.79% of the company's stock.

California Resources Company Profile

California Resources Corporation NYSE: CRC is an independent energy company focused on the exploration, development and production of oil and natural gas in California. Its operations are concentrated in the state's San Joaquin and Los Angeles basins, where the company produces crude oil, natural gas and natural gas liquids for industrial, commercial and transportation markets.

In addition to conventional oil and gas production, California Resources is developing carbon-management projects through its Carbon TerraVault business.

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