Bank of America Forecasts Strong Price Appreciation for California Resources (NYSE:CRC) Stock

Key Points

• Bank of America has increased its price target for California Resources (NYSE:CRC) from $60.00 to $66.00, reflecting a potential upside of 20.52% based on the stock's previous close.
• The oil and gas producer reported a 90.3% year-over-year increase in revenue, posting $978 million for the quarter, surpassing analyst expectations.
• Analysts have given California Resources a consensus rating of "Buy", with three analysts rating it as a Strong Buy and an average price target of $66.58.

California Resources (NYSE:CRC - Get Free Report) had its price target lifted by Bank of America from $60.00 to $66.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the oil and gas producer's stock. Bank of America's price objective suggests a potential upside of 20.52% from the company's previous close.

Several other brokerages have also issued reports on CRC. Zacks Research raised shares of California Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, September 15th. Wall Street Zen lowered shares of California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Mizuho set a $71.00 target price on shares of California Resources in a research note on Monday, September 15th. Roth Capital set a $63.00 target price on shares of California Resources in a research note on Monday, September 15th. Finally, Jefferies Financial Group set a $71.00 target price on shares of California Resources and gave the stock a "buy" rating in a research note on Sunday. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $66.58.

California Resources Trading Down 0.4%

Shares of CRC stock traded down $0.24 on Monday, hitting $54.76. The stock had a trading volume of 396,786 shares, compared to its average volume of 967,212. California Resources has a twelve month low of $30.97 and a twelve month high of $60.41. The firm has a market cap of $4.58 billion, a P/E ratio of 7.45 and a beta of 1.16. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.26. The company has a fifty day moving average price of $49.87 and a two-hundred day moving average price of $44.63.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The company had revenue of $978.00 million during the quarter, compared to analyst estimates of $820.93 million. During the same quarter in the previous year, the business earned $0.60 EPS. The firm's revenue was up 90.3% on a year-over-year basis. As a group, analysts forecast that California Resources will post 3.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRC. Principal Financial Group Inc. grew its position in shares of California Resources by 2.1% during the 1st quarter. Principal Financial Group Inc. now owns 384,200 shares of the oil and gas producer's stock worth $16,893,000 after purchasing an additional 8,047 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of California Resources by 50.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,211 shares of the oil and gas producer's stock worth $463,000 after purchasing an additional 3,436 shares in the last quarter. New York State Teachers Retirement System grew its position in shares of California Resources by 1.4% during the 1st quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer's stock worth $967,000 after purchasing an additional 300 shares in the last quarter. KBC Group NV grew its position in shares of California Resources by 41.3% during the 1st quarter. KBC Group NV now owns 3,569 shares of the oil and gas producer's stock worth $157,000 after purchasing an additional 1,043 shares in the last quarter. Finally, Crossmark Global Holdings Inc. grew its position in shares of California Resources by 17.4% during the 1st quarter. Crossmark Global Holdings Inc. now owns 4,823 shares of the oil and gas producer's stock worth $212,000 after purchasing an additional 716 shares in the last quarter. 97.79% of the stock is owned by institutional investors.

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.

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