California Resources (NYSE:CRC) Rating Increased to Strong-Buy at Capital One Financial

Capital One Financial upgraded shares of California Resources (NYSE:CRC) to a strong-buy rating in a report published on Monday morning,Zacks.com reports.

A number of other equities research analysts also recently commented on CRC. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $57.00 to $65.00 in a report on Wednesday, August 21st. Citigroup upped their price objective on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Jefferies Financial Group began coverage on shares of California Resources in a report on Thursday, October 24th. They set a “buy” rating and a $64.00 target price for the company. UBS Group started coverage on shares of California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price target on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price target on shares of California Resources in a research report on Monday, August 12th. Two 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.40.

California Resources Stock Performance

CRC stock opened at $54.80 on Monday. California Resources has a one year low of $43.09 and a one year high of $60.41. The firm has a market cap of $3.72 billion, a price-to-earnings ratio of 8.63, a PEG ratio of 1.33 and a beta of 1.01. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The firm has a 50-day simple moving average of $54.97 and a two-hundred day simple moving average of $51.81.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, beating the consensus estimate of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. During the same quarter in the prior year, the business posted $1.02 EPS. The business’s revenue for the quarter was up 194.1% compared to the same quarter last year. On average, equities analysts forecast that California Resources will post 3.42 EPS for the current fiscal year.

California Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.3875 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.55 annualized dividend and a yield of 2.83%. California Resources’s dividend payout ratio is presently 24.41%.

Insider Transactions at California Resources

In related news, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the sale, the vice president now directly owns 17,301 shares in the company, valued at approximately $916,953. This trade represents a 36.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.63% of the company’s stock.

Institutional Trading of California Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC lifted its stake in California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 371 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in shares of California Resources in the 3rd quarter valued at $70,000. KBC Group NV lifted its stake in California Resources by 29.1% during the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after acquiring an additional 431 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock valued at $169,000 after acquiring an additional 276 shares during the period. Finally, Atria Investments Inc acquired a new position in California Resources in the 3rd quarter valued at about $209,000. 97.79% of the stock is owned by institutional investors and hedge funds.

About California Resources

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.