California Resources (NYSE:CRC) Price Target Cut to $55.00 by Analysts at Barclays

California Resources (NYSE:CRC) had its price objective cut by Barclays from $57.00 to $55.00 in a report published on Wednesday,Benzinga reports. They currently have an equal weight rating on the oil and gas producer’s stock.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. assumed coverage on shares of California Resources in a report on Friday, December 20th. They issued a “neutral” rating and a $63.00 price target on the stock. Truist Financial started coverage on shares of California Resources in a research report on Monday, January 13th. They set a “buy” rating and a $75.00 price target for the company. TD Cowen increased their price target on shares of California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Capital One Financial raised shares of California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Finally, StockNews.com raised shares of California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $67.08.

California Resources Stock Performance

NYSE CRC opened at $40.37 on Wednesday. The company’s 50 day moving average is $49.55 and its 200-day moving average is $52.04. California Resources has a 12-month low of $38.02 and a 12-month high of $60.41. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The firm has a market cap of $3.69 billion, a P/E ratio of 6.36, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC) last posted its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). The firm had revenue of $877.00 million for the quarter, compared to the consensus estimate of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. Sell-side analysts predict that California Resources will post 3.85 earnings per share for the current year.

California Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Monday, March 10th will be paid a $0.3875 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.55 annualized dividend and a dividend yield of 3.84%. California Resources’s payout ratio is 24.41%.

Insider Activity at California Resources

In related news, EVP Omar Hayat sold 16,016 shares of California Resources stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the transaction, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.03% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CRC. R Squared Ltd purchased a new position in California Resources in the fourth quarter worth about $31,000. Smartleaf Asset Management LLC raised its holdings in California Resources by 331.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock worth $53,000 after buying an additional 812 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in California Resources by 71.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock worth $56,000 after buying an additional 454 shares during the last quarter. GAMMA Investing LLC raised its holdings in California Resources by 22.8% in the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock worth $62,000 after buying an additional 222 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new position in California Resources in the third quarter worth about $70,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

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.