California Resources (NYSE:CRC) Price Target Raised to $74.00 at TD Cowen

California Resources (NYSE:CRC) had its price objective increased by TD Cowen from $65.00 to $74.00 in a report released on Tuesday,Benzinga reports. TD Cowen currently has a buy rating on the oil and gas producer’s stock.

Several other analysts also recently weighed in on the company. Citigroup increased their target price on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 target price on shares of California Resources in a research note on Monday, August 12th. Barclays raised their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Finally, Stephens started coverage on shares of California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price objective for the company. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $66.40.

California Resources Trading Up 1.2 %

Shares of CRC stock opened at $59.16 on Tuesday. The business’s 50 day moving average is $54.36 and its two-hundred day moving average is $51.32. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. California Resources has a 12 month low of $43.09 and a 12 month high of $60.41. The company has a market cap of $4.02 billion, a PE ratio of 9.32, a price-to-earnings-growth ratio of 1.45 and a beta of 0.98.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping the consensus estimate of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. During the same quarter last year, the firm posted $1.02 EPS. The business’s quarterly revenue was up 194.1% on a year-over-year basis. Equities analysts predict that California Resources will post 3.42 EPS for the current year.

California Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date is Monday, December 2nd. California Resources’s dividend payout ratio is 24.41%.

Insider Buying and Selling at California Resources

In related news, VP Noelle M. Repetti sold 10,000 shares of California Resources 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 transaction, the vice president now directly owns 17,301 shares of the company’s stock, valued at $916,953. This trade represents a 36.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now directly owns 166,357 shares in the company, valued at $8,181,437.26. This represents a 4.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,270 shares of company stock valued at $1,387,778. 0.03% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On California Resources

Several institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its position in shares of California Resources by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,576,306 shares of the oil and gas producer’s stock worth $190,328,000 after purchasing an additional 165,629 shares in the last quarter. State Street Corp lifted its holdings in California Resources by 5.1% during the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock worth $181,021,000 after buying an additional 168,278 shares in the last quarter. American Century Companies Inc. boosted its position in California Resources by 18.1% in the 2nd quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock valued at $86,825,000 after buying an additional 250,367 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of California Resources by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock valued at $83,583,000 after buying an additional 55,815 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of California Resources by 10.7% during the second quarter. Victory Capital Management Inc. now owns 1,078,123 shares of the oil and gas producer’s stock valued at $57,378,000 after acquiring an additional 104,504 shares during the period. Institutional investors own 97.79% of the company’s stock.

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.