StockNews.com Begins Coverage on California Resources (NYSE:CRC)

StockNews.com initiated coverage on shares of California Resources (NYSE:CRC – Get Rating) in a report published on Thursday morning. The brokerage issued a hold rating on the oil and gas producer’s stock.

Several other brokerages have also issued reports on CRC. Roth Capital reaffirmed a buy rating on shares of California Resources in a research note on Saturday, February 4th. Bank of America raised shares of California Resources from a neutral rating to a buy rating and upped their price objective for the company from $51.00 to $60.00 in a research note on Friday, February 24th. Citigroup reduced their target price on shares of California Resources from $62.00 to $57.00 and set a buy rating on the stock in a report on Wednesday, February 15th. Mizuho lowered their price target on shares of California Resources from $59.00 to $54.00 in a research note on Friday, March 10th. Finally, Royal Bank of Canada cut their price target on shares of California Resources from $68.00 to $65.00 and set an outperform rating for the company in a research report on Tuesday, January 31st. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, California Resources currently has a consensus rating of Moderate Buy and an average price target of $56.86.

California Resources Stock Performance

California Resources stock opened at $35.32 on Thursday. California Resources has a fifty-two week low of $34.02 and a fifty-two week high of $51.46. The firm’s fifty day moving average price is $42.25 and its 200-day moving average price is $43.03. The stock has a market cap of $2.53 billion, a P/E ratio of 5.14 and a beta of 1.11. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.90 and a current ratio of 0.97.

California Resources (NYSE:CRC – Get Rating) last released its quarterly earnings results on Friday, February 24th. The oil and gas producer reported $1.24 earnings per share for the quarter, missing analysts’ consensus estimates of $1.77 by ($0.53). California Resources had a net margin of 19.36% and a return on equity of 23.03%. The firm had revenue of $682.00 million for the quarter, compared to analysts’ expectations of $639.65 million. During the same quarter in the previous year, the business earned $2.13 EPS. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, equities research analysts expect that California Resources will post 6.02 earnings per share for the current fiscal year.

California Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 16th. Stockholders of record on Monday, March 6th were paid a dividend of $0.2825 per share. This represents a $1.13 annualized dividend and a dividend yield of 3.20%. This is an increase from California Resources’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, March 3rd. California Resources’s dividend payout ratio is 16.45%.

Institutional Trading of California Resources

Large investors have recently modified their holdings of the business. SG Americas Securities LLC lifted its holdings in California Resources by 2.8% in the 4th quarter. SG Americas Securities LLC now owns 9,370 shares of the oil and gas producer’s stock worth $408,000 after buying an additional 251 shares during the period. Assetmark Inc. lifted its stake in California Resources by 41.0% in the third quarter. Assetmark Inc. now owns 976 shares of the oil and gas producer’s stock worth $38,000 after acquiring an additional 284 shares during the period. Sage Rhino Capital LLC boosted its holdings in California Resources by 1.4% in the fourth quarter. Sage Rhino Capital LLC now owns 24,081 shares of the oil and gas producer’s stock valued at $1,048,000 after acquiring an additional 331 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in California Resources by 1.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 33,662 shares of the oil and gas producer’s stock valued at $1,465,000 after acquiring an additional 376 shares in the last quarter. Finally, Mraz Amerine & Associates Inc. increased its position in California Resources by 1.9% during the 4th quarter. Mraz Amerine & Associates Inc. now owns 22,646 shares of the oil and gas producer’s stock valued at $985,000 after purchasing an additional 418 shares during the period.

About California Resources

(Get Rating)

California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, 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.