California Resources (NYSE:CRC) Given New $66.00 Price Target at Barclays

Key Points

• Barclays has increased its price target for California Resources from $60.00 to $66.00, maintaining an "overweight" rating on the stock, which suggests a potential upside of 17.33% from its current price.
• In addition to Barclays, other firms have adjusted their price targets, with Citigroup raising theirs to $47.00, while Bank of America targets $60.00, indicating varied analyst sentiment.
• California Resources reported a strong earnings performance with $1.10 EPS for the last quarter, significantly beating analyst estimates and showing 90.3% revenue growth year-over-year.

California Resources (NYSE:CRC - Get Free Report) had its price objective boosted by equities researchers at Barclays from $60.00 to $66.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the oil and gas producer's stock. Barclays's target price would suggest a potential upside of 17.33% from the company's current price.

CRC has been the subject of several other research reports. Citigroup lifted their price target on California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Wall Street Zen cut California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. JPMorgan Chase & Co. raised California Resources from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $60.00 to $63.00 in a research report on Tuesday, July 15th. Roth Capital set a $63.00 target price on California Resources in a report on Monday. Finally, Bank of America increased their target price on California Resources from $53.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $64.92.

California Resources Trading Up 6.1%

Shares of NYSE CRC opened at $56.25 on Tuesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.68 and a current ratio of 0.78. The business's 50 day moving average price is $49.16 and its 200-day moving average price is $44.17. California Resources has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The company has a market cap of $4.71 billion, a price-to-earnings ratio of 7.68 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.19. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The business had revenue of $978.00 million for the quarter, compared to the consensus estimate of $820.93 million. During the same period last year, the business posted $0.60 EPS. The business's revenue was up 90.3% compared to the same quarter last year. On average, sell-side analysts expect that California Resources will post 3.85 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRC. SummerHaven Investment Management LLC boosted its position in shares of California Resources by 1.9% during the 1st quarter. SummerHaven Investment Management LLC now owns 15,335 shares of the oil and gas producer's stock valued at $674,000 after acquiring an additional 293 shares in the last quarter. New York State Teachers Retirement System lifted its stake in California Resources by 1.4% in the first quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer's stock valued at $967,000 after acquiring an additional 300 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in shares of California Resources by 68.8% in the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock valued at $34,000 after purchasing an additional 316 shares during the period. Xponance Inc. raised its position in shares of California Resources by 7.6% in the 1st quarter. Xponance Inc. now owns 5,304 shares of the oil and gas producer's stock valued at $233,000 after buying an additional 375 shares in the last quarter. Finally, Yousif Capital Management LLC raised its position in shares of California Resources by 1.5% in the 1st quarter. Yousif Capital Management LLC now owns 27,331 shares of the oil and gas producer's stock valued at $1,202,000 after buying an additional 407 shares in the last quarter. Institutional investors own 97.79% of the company's stock.

About California Resources

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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