California Resources (NYSE:CRC) Stock Price Target Lowered at Barclays

Key Points

• Barclays lowered its California Resources price target from $74 to $68 but maintained an “overweight” rating, implying about 41% upside from the stock’s then-current price.
• Analyst opinion is generally positive: the stock had a “Moderate Buy” consensus and an average target of $73.78, though ratings ranged from strong buy to sell.
• California Resources beat quarterly earnings and revenue expectations, reporting EPS of $1.17 versus $1.00 expected and revenue of $1.10 billion versus $967.71 million expected.

California Resources (NYSE:CRC - Get Free Report) had its target price reduced by stock analysts at Barclays from $74.00 to $68.00 in a research note issued on Friday, Benzinga reports. The firm presently has an "overweight" rating on the oil and gas producer's stock. Barclays's price objective would suggest a potential upside of 41.43% from the stock's current price.

A number of other research firms also recently issued reports on CRC. Stifel Nicolaus started coverage on California Resources in a research note on Thursday, September 10th. They set a "buy" rating and a $68.00 price target for the company. UBS Group reissued a "buy" rating and issued a $68.00 price objective (down from $73.00) on shares of California Resources in a research note on Monday, October 12th. Weiss Ratings downgraded California Resources from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, November 4th. Royal Bank Of Canada restated an "outperform" rating and issued a $77.00 target price on shares of California Resources in a report on Monday, September 14th. Finally, Seaport Research Partners assumed coverage on California Resources in a research report on Thursday, September 3rd. They set a "neutral" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $73.78.

California Resources Stock Up 0.4%

Shares of California Resources stock traded up $0.20 during trading hours on Friday, reaching $48.08. The company's stock had a trading volume of 27,375 shares, compared to its average volume of 890,616. California Resources has a one year low of $43.24 and a one year high of $71.98. The company has a market capitalization of $4.24 billion, a P/E ratio of -8.46 and a beta of 0.98. The stock's fifty day simple moving average is $52.79 and its two-hundred day simple moving average is $56.92. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.44 and a current ratio of 0.51.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Monday, November 2nd. The oil and gas producer reported $1.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.17. California Resources had a negative net margin of 18.11% and a positive return on equity of 9.56%. The firm had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $967.71 million. During the same period last year, the company earned $1.46 earnings per share. The business's revenue was up .4% on a year-over-year basis. On average, research analysts forecast that California Resources will post 4.45 earnings per share for the current year.

Insider Transactions at California Resources

In other California Resources news, EVP Jay Bys sold 11,907 shares of the company's stock in a transaction on Monday, October 12th. The stock was sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the transaction, the executive vice president owned 123,703 shares in the company, valued at $6,679,962. This represents a 8.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On California Resources

A number of hedge funds have recently made changes to their positions in the business. Polymer Capital Management US LLC bought a new position in California Resources during the third quarter valued at $618,000. Advisors Asset Management Inc. bought a new stake in shares of California Resources in the third quarter valued at $179,000. GW&K Investment Management LLC raised its stake in shares of California Resources by 75.7% in the third quarter. GW&K Investment Management LLC now owns 52,594 shares of the oil and gas producer's stock valued at $2,672,000 after buying an additional 22,666 shares during the period. Saber Capital Management LLC raised its stake in shares of California Resources by 26.5% in the third quarter. Saber Capital Management LLC now owns 106,867 shares of the oil and gas producer's stock valued at $5,429,000 after buying an additional 22,357 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in shares of California Resources by 32.8% in the third quarter. Public Sector Pension Investment Board now owns 439,011 shares of the oil and gas producer's stock valued at $23,772,000 after buying an additional 108,476 shares during the period. 97.79% of the stock is currently owned by institutional investors.

About California Resources

California Resources Corporation is an independent energy company focused on developing and producing oil and natural gas in California. Its operations include exploration, production and management of energy resources, with products that include crude oil, natural gas and natural gas liquids. The company was formed in 2014 when it separated from Occidental Petroleum. Its activities are concentrated in California, where it operates across several major oil-producing regions. In 2024, California Resources completed its acquisition of Aera Energy, expanding its California operations.

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