California Resources (NYSE:CRC) Price Target Raised to $50.00

California Resources (NYSE:CRC - Get Free Report) had its price target boosted by stock analysts at Barclays from $47.00 to $50.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the oil and gas producer's stock. Barclays's target price would suggest a potential upside of 14.34% from the stock's previous close.

CRC has been the subject of several other research reports. Citigroup downgraded California Resources from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $62.00 to $36.00 in a research note on Monday, April 7th. Truist Financial upgraded California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Bank of America lowered their price objective on California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Roth Capital reiterated a "buy" rating on shares of California Resources in a research report on Wednesday, May 7th. Finally, UBS Group raised their price target on shares of California Resources from $49.00 to $51.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, California Resources has an average rating of "Moderate Buy" and a consensus target price of $59.64.

California Resources Stock Down 0.2%

Shares of NYSE CRC traded down $0.07 during midday trading on Friday, reaching $43.73. The company's stock had a trading volume of 802,698 shares, compared to its average volume of 870,362. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock has a 50 day simple moving average of $38.95 and a 200-day simple moving average of $47.56. The stock has a market capitalization of $3.90 billion, a price-to-earnings ratio of 6.89, a PEG ratio of 1.02 and a beta of 1.06. California Resources has a fifty-two week low of $30.97 and a fifty-two week high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.24. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. During the same period last year, the business posted $0.75 earnings per share. The business's revenue for the quarter was up 100.9% compared to the same quarter last year. Equities research analysts predict that California Resources will post 3.85 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director James N. Chapman bought 2,000 shares of the business's stock in a transaction dated Wednesday, March 5th. The shares were purchased at an average price of $39.42 per share, with a total value of $78,840.00. Following the transaction, the director now owns 43,445 shares in the company, valued at $1,712,601.90. This trade represents a 4.83% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.03% of the company's stock.

Institutional Trading of California Resources

Several institutional investors have recently added to or reduced their stakes in CRC. R Squared Ltd bought a new position in California Resources during the 4th quarter worth about $31,000. Larson Financial Group LLC lifted its stake in shares of California Resources by 269.4% during the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock worth $28,000 after buying an additional 466 shares during the period. Harbor Capital Advisors Inc. raised its stake 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 worth $34,000 after purchasing an additional 316 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of California Resources by 331.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer's stock worth $53,000 after purchasing an additional 812 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in shares of California Resources by 71.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer's stock worth $56,000 after buying an additional 454 shares during the last quarter. Institutional investors own 97.79% of the company's stock.

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.