California Resources (NYSE:CRC) Given New $60.00 Price Target at Bank of America

Key Points

• Bank of America has increased its price target for California Resources from $53.00 to $60.00, indicating a potential upside of nearly 20% based on the current stock price.
• Several research firms have given California Resources buy ratings, with UBS Group and Mizuho setting their price targets at $63.00 and $64.00 respectively, reflecting strong investor confidence in the company.
• California Resources recently reported earnings of $1.10 per share, significantly exceeding analysts' expectations, along with a revenue increase of over 90% year-over-year, showcasing robust financial performance.

California Resources (NYSE:CRC - Get Free Report) had its price objective upped by Bank of America from $53.00 to $60.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the oil and gas producer's stock. Bank of America's price objective points to a potential upside of 19.98% from the company's current price.

Several other equities research analysts have also commented on the stock. UBS Group lifted their price target on shares of California Resources from $61.00 to $63.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Mizuho increased their target price on shares of California Resources from $61.00 to $64.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Roth Capital reiterated a "buy" rating on shares of California Resources in a research note on Saturday, July 19th. Barclays upgraded shares of California Resources from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $50.00 to $60.00 in a research note on Friday, May 30th. Finally, Wall Street Zen downgraded shares of California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $63.91.

California Resources Stock Down 0.0%

NYSE:CRC traded down $0.00 during midday trading on Wednesday, hitting $50.01. 177,153 shares of the company were exchanged, compared to its average volume of 933,451. The company has a fifty day simple moving average of $48.18 and a 200 day simple moving average of $43.88. California Resources has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. 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 market capitalization of $4.18 billion, a PE ratio of 6.83 and a beta of 1.16.

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 EPS for the quarter, topping 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 firm had revenue of $978.00 million for the quarter, compared to analyst estimates of $820.93 million. During the same period last year, the business earned $0.60 EPS. California Resources's revenue for the quarter was up 90.3% compared to the same quarter last year. As a group, equities analysts anticipate that California Resources will post 3.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Sourcerock Group LLC lifted its stake in California Resources by 63.8% in the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer's stock valued at $91,370,000 after buying an additional 779,280 shares in the last quarter. Invesco Ltd. raised its holdings in California Resources by 155.8% in the 2nd quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer's stock valued at $48,527,000 after acquiring an additional 647,190 shares during the last quarter. Nuveen LLC acquired a new position in California Resources in the 1st quarter valued at $28,254,000. Millennium Management LLC raised its holdings in California Resources by 255.5% in the 1st quarter. Millennium Management LLC now owns 677,093 shares of the oil and gas producer's stock valued at $29,772,000 after acquiring an additional 486,650 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in California Resources by 461.5% in the 2nd quarter. Balyasny Asset Management L.P. now owns 557,037 shares of the oil and gas producer's stock valued at $25,440,000 after acquiring an additional 457,835 shares during the last quarter. 97.79% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.