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

California Resources (NYSE:CRC - Get Free Report) had its target price upped by research analysts at Barclays from $47.00 to $50.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the oil and gas producer's stock. Barclays's price target would indicate a potential upside of 23.24% from the company's previous close.

Several other equities research analysts also recently commented on the stock. Truist Financial raised shares of California Resources to a "strong-buy" rating in a research report on Tuesday, May 6th. Citigroup downgraded California Resources from a "buy" rating to a "neutral" rating and cut their price target for the company from $62.00 to $36.00 in a research note on Monday, April 7th. 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 note on Tuesday, April 29th. UBS Group lifted their target price on California Resources from $49.00 to $51.00 and gave the company a "buy" rating in a research report on Thursday. Finally, Roth Capital reiterated a "buy" rating on shares of California Resources in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, California Resources currently has an average rating of "Moderate Buy" and a consensus price target of $60.00.

California Resources Stock Down 0.3%

California Resources stock traded down $0.14 during mid-day trading on Friday, reaching $40.57. The stock had a trading volume of 933,025 shares, compared to its average volume of 869,485. The firm has a market capitalization of $3.68 billion, a PE ratio of 6.39, a price-to-earnings-growth 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. The stock's 50-day simple moving average is $38.86 and its 200-day simple moving average is $47.66. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97.

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

Insider Transactions at California Resources

In related news, Director James N. Chapman acquired 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The stock was acquired at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the acquisition, the director now owns 43,445 shares of the company's stock, valued at approximately $1,712,601.90. This represents a 4.83% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.03% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC raised its holdings in shares of California Resources by 269.4% in the 1st quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock worth $28,000 after purchasing an additional 466 shares during the period. R Squared Ltd bought a new stake in shares of California Resources in the fourth quarter valued at $31,000. 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 valued at $34,000 after buying an additional 316 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of California Resources by 331.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer's stock valued at $53,000 after buying an additional 812 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in shares of California Resources by 71.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer's stock worth $56,000 after acquiring an additional 454 shares during the period. 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.