California Resources (NYSE:CRC) Now Covered by JPMorgan Chase & Co.

JPMorgan Chase & Co. assumed coverage on shares of California Resources (NYSE:CRC) in a research report released on Friday, Marketbeat reports. The firm issued a neutral rating and a $63.00 price objective on the oil and gas producer’s stock.

A number of other analysts also recently issued reports on CRC. Barclays upped 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. Stephens assumed coverage on shares of California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 target price for the company. TD Cowen boosted their price target on California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Capital One Financial upgraded California Resources to a “strong-buy” rating in a research note on Monday, December 9th. Finally, Citigroup lifted their target price on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Three research 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 stock. According to data from MarketBeat.com, California Resources has an average rating of “Moderate Buy” and an average price target of $66.09.

California Resources Trading Down 0.8 %

NYSE:CRC opened at $50.56 on Friday. The company has a market cap of $4.62 billion, a P/E ratio of 7.96, a price-to-earnings-growth ratio of 1.35 and a beta of 1.01. California Resources has a twelve month low of $43.09 and a twelve month high of $60.41. The business has a 50 day moving average price of $55.02 and a two-hundred day moving average price of $52.10. 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 (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 business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. During the same quarter in the prior year, the company posted $1.02 earnings per share. The firm’s revenue was up 194.1% on a year-over-year basis. As a group, analysts expect that California Resources will post 3.58 EPS for the current fiscal year.

California Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was 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 8,770 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the transaction, the vice president now owns 8,531 shares in the company, valued at $475,603.25. This trade represents a 50.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction that occurred on 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 owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC grew 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 during the period. Point72 DIFC Ltd bought a new stake in California Resources during the 3rd quarter worth approximately $70,000. KBC Group NV raised its position in California Resources by 29.1% in the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after buying an additional 431 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of California Resources by 9.4% in the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock valued at $169,000 after purchasing an additional 276 shares during the last quarter. Finally, Atria Investments Inc purchased a new stake 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.

California Resources Company Profile

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.