California Resources Co. (NYSE:CRC – Get Rating) received a consensus “Buy” recommendation from the seven analysts who cover the company, Marketbeat.com reports. Six analysts rated the stock with a buy rating. The 12-month average price target among brokerages that have issued ratings on the stock over the past year is $57.80.
Several equity research analysts have recently commented on the stock. Citigroup assumed coverage for California Resources shares in a report on Tuesday, May 10. They issued a “buy” rating and a price target of $60.00 for the company. TheStreet downgraded California Resources shares from a “c” rating to a “d” rating in a Thursday, May 5, research report. KeyCorp raised its price target on California Resources shares from $50.00 to $51.00 and gave the stock an “overweight” rating in a Friday, April 8 research report. Finally, StockNews.com downgraded California Resources shares from a “strong buy” rating to a “buy” rating in a Friday, April 15 research report.
California Resources stock opened at $39.78 on Friday. The company has a 50-day moving average price of $42.20 and a 200-day moving average price of $42.88. The company has a market capitalization of $3.09 billion, a PE ratio of 6.23 and a beta of 0.93. The company has a current ratio of 0.69, a quick ratio of 0.65 and a debt ratio of 0.41. California Resources has a 12-month low of $24.88 and a 12-month high of $50.44.
California Resources (NYSE:CRC – Get Rating) last reported quarterly earnings data on Thursday, May 5. The oil and gas producer reported earnings per share of $1.13 for the quarter, missing analyst consensus estimates of $1.14 per ($0.01). California Resources had a net margin of 31.63% and a return on equity of 38.92%. The company posted revenue of $153.00 million for the quarter, versus a consensus estimate of $443.19 million. In the same quarter of the previous year, the company achieved EPS of $1.22. The company’s quarterly revenue decreased 57.9% compared to the same quarter last year. As a group, sell-side analysts expect California Resources to post 6.5 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 16. Shareholders of record on Wednesday, June 1 received a dividend of $0.17 per share. This represents an annualized dividend of $0.68 and a yield of 1.71%. The ex-dividend date was Tuesday, May 31. California Resources’ dividend payout ratio is currently 10.64%.
In other California Resources news, major shareholder Goldentree Asset Management Lp sold 200,000 California Resources shares in a trade that took place on Tuesday, April 5. The shares were sold at an average price of $44.38, for a total transaction of $8,876,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. 0.03% of the shares are currently held by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of CRC. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in California Resources during the fourth quarter worth $26,000. Spire Wealth Management acquired a new position in California Resources during the fourth quarter worth $32,000. Bellwether Advisors LLC acquired a new position in California Resources during the fourth quarter worth $77,000. Platinum Investment Management Ltd. acquired a new position in California Resources during the first quarter worth $90,000. Finally, Maverick Capital Ltd. acquired a new position in California Resources during the fourth quarter worth $132,000. Hedge funds and other institutional investors own 92.24% of the company’s shares.
About California Resources (Get a rating)
California Resources Corporation operates as an independent oil and gas company. The Company explores for, produces, assembles, processes and markets crude oil, natural gas and natural gas liquids for traders, California refineries and other buyers who have access to transportation and storage facilities.
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