California Resources (NYSE:CRC) Given New $91.00 Price Target at Stephens

Key Points

• Stephens lowered California Resources’ price target to $91 from $93 while maintaining an “overweight” rating, implying 67.12% potential upside from the $54.45 share price.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average target price of $73.17; other firms have issued targets ranging from $59 to $73.
• California Resources reported quarterly revenue of $1.30 billion, up 33% year over year, but earnings per share of $0.99 fell short of the $1.36 consensus estimate. Insiders have sold roughly $1.93 million of stock over the past 90 days.

California Resources (NYSE:CRC - Get Free Report) had its price target lowered by Stephens from $93.00 to $91.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the oil and gas producer's stock. Stephens' target price suggests a potential upside of 67.12% from the company's current price.

Several other research firms have also commented on CRC. Stifel Nicolaus assumed coverage on California Resources in a research report on Thursday, September 10th. They issued a "buy" rating and a $68.00 price objective on the stock. Seaport Research Partners assumed coverage on California Resources in a report on Thursday, September 3rd. They issued a "neutral" rating for the company. Roth Capital reaffirmed a "buy" rating and issued a $59.00 price objective (up from $58.00) on shares of California Resources in a research report on Thursday. UBS Group restated a "buy" rating and issued a $73.00 target price (up from $67.00) on shares of California Resources in a research note on Monday. Finally, Zacks Research raised shares of California Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, California Resources has a consensus rating of "Moderate Buy" and a consensus target price of $73.17.

California Resources Stock Down 0.0%

CRC opened at $54.45 on Friday. California Resources has a 1 year low of $43.24 and a 1 year high of $71.98. The firm has a 50 day moving average price of $53.28 and a 200 day moving average price of $58.48. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66. The company has a market cap of $4.84 billion, a PE ratio of -40.04 and a beta of 0.90.

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

Insider Activity at California Resources

In related news, EVP Jay Bys sold 11,907 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $54.00, for a total transaction of $642,978.00. Following the sale, the executive vice president owned 135,610 shares in the company, valued at $7,322,940. This represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 35,721 shares of company stock valued at $1,928,934. Insiders own 0.53% of the company's stock.

Hedge Funds Weigh In On California Resources

A number of large investors have recently bought and sold shares of CRC. Geode Capital Management LLC boosted its position in California Resources by 8.3% during the 4th quarter. Geode Capital Management LLC now owns 1,853,246 shares of the oil and gas producer's stock valued at $82,878,000 after purchasing an additional 141,836 shares during the period. Bank of New York Mellon Corp bought a new stake in California Resources in the second quarter valued at $63,205,000. Arrowstreet Capital Limited Partnership bought a new stake in California Resources in the first quarter valued at $62,698,000. Bank of America Corp DE boosted its holdings in shares of California Resources by 57.1% during the first quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer's stock valued at $40,543,000 after acquiring an additional 212,827 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in shares of California Resources by 12.8% during the first quarter. Janus Henderson Group PLC now owns 480,413 shares of the oil and gas producer's stock valued at $33,254,000 after acquiring an additional 54,703 shares during the period. Institutional investors own 97.79% of the company's stock.

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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