California Resources' (CRC) "Outperform" Rating Reiterated at Royal Bank Of Canada

Key Points

• Royal Bank of Canada reiterated an “outperform” rating on California Resources and set a $77 price target, implying approximately 34% upside from the stock’s $57.46 opening price.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $73.00; recent firms including UBS and Stifel also issued “buy” ratings.
• California Resources’ latest quarterly revenue rose 33% year over year to $1.30 billion, but EPS of $0.99 missed the $1.36 consensus estimate. Insiders sold 35,721 shares over the past three months, while institutional investors own 97.79% of the stock.

California Resources (NYSE:CRC - Get Free Report)'s stock had its "outperform" rating reissued by research analysts at Royal Bank Of Canada in a report released on Monday, Benzinga reports. They presently have a $77.00 price target on the oil and gas producer's stock. Royal Bank Of Canada's target price points to a potential upside of 34.01% from the company's current price.

CRC has been the topic of several other research reports. Seaport Research Partners assumed coverage on California Resources in a report on Thursday, September 3rd. They set a "neutral" rating on the stock. UBS Group reiterated a "buy" rating and issued a $73.00 price objective on shares of California Resources in a research report on Monday. Weiss Ratings raised California Resources from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, August 11th. Stifel Nicolaus started coverage on shares of California Resources in a research report on Thursday. They issued a "buy" rating and a $68.00 price target on the stock. Finally, Mizuho raised their price target on shares of California Resources from $86.00 to $87.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $73.00.

California Resources Trading Up 1.3%

Shares of CRC opened at $57.46 on Monday. The firm's fifty day moving average is $52.97 and its two-hundred day moving average is $58.56. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 0.38. The stock has a market cap of $5.10 billion, a PE ratio of -42.25 and a beta of 0.90. California Resources has a 52-week low of $43.24 and a 52-week high of $71.98.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing analysts' consensus estimates of $1.36 by ($0.37). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The business had revenue of $1.30 billion during the quarter, compared to analysts' expectations of $960.20 million. During the same quarter in the prior year, the firm earned $1.10 EPS. California Resources's revenue for the quarter was up 33.0% compared to the same quarter last year. Research analysts forecast that California Resources will post 3.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jay Bys sold 11,907 shares of California Resources stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the transaction, the executive vice president owned 135,610 shares of the company's stock, valued at $7,322,940. This trade represents a 8.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 35,721 shares of company stock valued at $1,928,934 in the last three months. 0.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On California Resources

Hedge funds have recently bought and sold shares of the company. Rockefeller Capital Management L.P. grew its position in shares of California Resources by 363.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer's stock worth $25,000 after buying an additional 440 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in California Resources in the 4th quarter worth about $26,000. Pinnacle Holdings LLC bought a new stake in California Resources in the 4th quarter valued at about $27,000. Valued Wealth Advisors LLC bought a new position in California Resources in the 1st quarter worth approximately $29,000. Finally, EMC Capital Management bought a new stake in shares of California Resources during the 4th quarter valued at $42,000. 97.79% of the stock is owned by institutional investors.

California Resources Company Profile

California Resources Corporation NYSE: CRC is an energy company focused on developing and producing oil and natural gas resources in California. Its operations include exploration, drilling, production, processing and marketing of crude oil, natural gas and natural gas liquids, primarily for customers in the California market.

The company's assets are located in several of California's major petroleum-producing regions, including the San Joaquin, Los Angeles and Sacramento basins. California Resources also manages related infrastructure and mineral interests associated with its production operations.

In addition to conventional energy production, California Resources has pursued carbon management opportunities through its Carbon TerraVault platform.

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