California Resources (NYSE:CRC) Given New $87.00 Price Target at Mizuho

Key Points

• Mizuho raised its price target on California Resources to $87 from $86 and kept an outperform rating, implying about 42% upside from the current share price.
• Other analysts remain generally bullish: the stock has multiple buy ratings, and the consensus target price across MarketBeat is $73.50, below Mizuho’s new target but above the stock’s recent trading level.
• California Resources recently reported EPS of $0.88, matching expectations, but revenue fell sharply to $119 million versus $947.5 million expected; meanwhile, insiders have been selling shares, with total insider sales of 72,283 shares in the last quarter.

California Resources (NYSE:CRC - Get Free Report) had its target price lifted by analysts at Mizuho from $86.00 to $87.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the oil and gas producer's stock. Mizuho's price objective points to a potential upside of 42.04% from the company's current price.

A number of other equities analysts have also recently issued reports on CRC. Weiss Ratings cut shares of California Resources from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 8th. Citigroup upgraded shares of California Resources from a "neutral" rating to a "buy" rating and increased their price objective for the company from $74.00 to $78.00 in a research note on Wednesday, May 20th. TD Cowen upgraded shares of California Resources to a "strong-buy" rating in a research note on Monday, February 9th. UBS Group set a $78.00 price objective on shares of California Resources and gave the company a "buy" rating in a research note on Monday, May 11th. Finally, Wells Fargo & Company increased their price objective on shares of California Resources from $72.00 to $76.00 and gave the company an "overweight" rating in a research note on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $73.50.

California Resources Price Performance

NYSE:CRC opened at $61.25 on Wednesday. The stock has a market cap of $5.44 billion, a P/E ratio of -11.78 and a beta of 0.96. California Resources has a one year low of $41.88 and a one year high of $71.98. The company has a fifty day moving average price of $64.48 and a 200 day moving average price of $55.60. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47.

California Resources (NYSE:CRC - Get Free Report) last released its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, meeting the consensus estimate of $0.88. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The firm had revenue of $119.00 million during the quarter, compared to analysts' expectations of $947.50 million. During the same period in the prior year, the company earned $1.07 EPS. The business's quarterly revenue was down 87.0% compared to the same quarter last year. Analysts anticipate that California Resources will post 5.56 earnings per share for the current year.

Insider Activity

In other news, COO Omar Hayat sold 23,000 shares of the company's stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $65.87, for a total value of $1,515,010.00. Following the sale, the chief operating officer owned 82,236 shares of the company's stock, valued at approximately $5,416,885.32. This represents a 21.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark Allen Mcfarland sold 16,372 shares of the company's stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $64.83, for a total transaction of $1,061,396.76. Following the completion of the sale, the director directly owned 76,265 shares in the company, valued at approximately $4,944,259.95. The trade was a 17.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 72,283 shares of company stock worth $4,636,646 in the last quarter. 0.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On California Resources

Several large investors have recently made changes to their positions in the company. Federated Hermes Inc. grew its holdings in shares of California Resources by 4.3% in the 4th quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer's stock worth $209,000 after purchasing an additional 195 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in shares of California Resources by 14.6% in the 4th quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer's stock worth $75,000 after purchasing an additional 214 shares during the last quarter. Clearstead Advisors LLC grew its holdings in shares of California Resources by 82.5% in the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer's stock worth $27,000 after purchasing an additional 226 shares during the last quarter. iA Global Asset Management Inc. grew its holdings in shares of California Resources by 4.4% in the 4th quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer's stock worth $243,000 after purchasing an additional 230 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in California Resources by 21.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,353 shares of the oil and gas producer's stock worth $73,000 after acquiring an additional 236 shares during the last quarter. Institutional investors own 97.79% of the company's stock.

California Resources Company Profile

California Resources Corporation NYSE: CRC is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC's operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.

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