California Resources (NYSE:CRC) Price Target Raised to $76.00

California Resources (NYSE:CRC) had its price objective boosted by Wells Fargo & Company from $72.00 to $76.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the oil and gas producer’s stock.

Several other analysts have also commented on CRC. UBS Group lifted their price objective on shares of California Resources from $63.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Barclays increased their target price on shares of California Resources from $67.00 to $72.00 and gave the company an “overweight” rating in a research report on Monday. Mizuho raised their price target on shares of California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Wall Street Zen cut shares of California Resources from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Finally, Royal Bank Of Canada set a $70.00 price objective on California Resources in a research note on Monday, January 5th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $69.80.

California Resources Stock Down 1.9%

Shares of NYSE:CRC opened at $62.97 on Tuesday. California Resources has a 1 year low of $30.97 and a 1 year high of $66.35. The company has a market capitalization of $5.58 billion, a PE ratio of 15.43 and a beta of 1.12. The business has a fifty day moving average price of $55.87 and a two-hundred day moving average price of $51.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.89 and a quick ratio of 0.79.

California Resources (NYSE:CRC) last released its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The business had revenue of $924.00 million for the quarter, compared to the consensus estimate of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The company’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.91 earnings per share. Analysts forecast that California Resources will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 13th will be issued a dividend of $0.405 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.62 annualized dividend and a yield of 2.6%. California Resources’s dividend payout ratio is 39.71%.

Insider Buying and Selling at California Resources

In related news, EVP Christopher D. Gould sold 24,347 shares of California Resources stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $62.21, for a total value of $1,514,626.87. Following the completion of the transaction, the executive vice president directly owned 131,537 shares in the company, valued at approximately $8,182,916.77. The trade was a 15.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Omar Hayat sold 23,000 shares of the business’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $65.87, for a total transaction of $1,515,010.00. Following the sale, the chief operating officer directly owned 82,236 shares in the company, valued at $5,416,885.32. The trade was a 21.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 72,283 shares of company stock worth $4,636,646 over the last ninety days. Company insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

A number of large investors have recently made changes to their positions in CRC. Rockefeller Capital Management L.P. grew its position in shares of California Resources by 363.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 440 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in California Resources during the 4th quarter worth about $26,000. Clearstead Advisors LLC lifted its holdings in California Resources by 82.5% during the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after purchasing an additional 226 shares in the last quarter. Pinnacle Holdings LLC bought a new position in California Resources in the 4th quarter worth about $27,000. Finally, Salomon & Ludwin LLC purchased a new position in California Resources during the 3rd quarter valued at about $29,000. 97.79% of the stock is owned by institutional investors.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.