Mizuho Boosts California Resources (NYSE:CRC) Price Target to $64.00

Key Points

• Mizuho analysts have raised California Resources' price target from $61.00 to $64.00, suggesting a potential upside of 35.75% from the current price.
• California Resources reported an EPS of $1.10 for the last quarter, exceeding estimates of $0.91, with a revenue increase of 90.3% year-over-year.
• Most analysts maintain a positive outlook with a consensus rating of "Buy" and an average target price of $62.55 for the stock.

California Resources (NYSE:CRC - Get Free Report) had its price target lifted by equities researchers at Mizuho from $61.00 to $64.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the oil and gas producer's stock. Mizuho's target price points to a potential upside of 34.81% from the stock's current price.

Several other research firms have also weighed in on CRC. Barclays upgraded shares of California Resources from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $50.00 to $60.00 in a research report on Friday, May 30th. Royal Bank Of Canada reduced their price target on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a research report on Friday, April 11th. Bank of America reduced their price target on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. UBS Group increased their target price on shares of California Resources from $51.00 to $58.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Finally, Roth Capital reissued a "buy" rating on shares of California Resources in a report on Saturday, July 19th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $62.82.

California Resources Stock Up 0.8%

Shares of NYSE CRC traded up $0.36 during trading on Friday, hitting $47.48. The stock had a trading volume of 729,791 shares, compared to its average volume of 988,626. California Resources has a 12 month low of $30.97 and a 12 month high of $60.41. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.78 and a quick ratio of 0.74. The company has a market capitalization of $3.97 billion, a PE ratio of 6.49 and a beta of 1.16. The firm has a fifty day moving average of $47.11 and a two-hundred day moving average of $43.91.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (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 during the quarter, compared to analyst estimates of $820.93 million. During the same quarter in the prior year, the business posted $0.60 EPS. The business's revenue was up 90.3% compared to the same quarter last year. As a group, equities research analysts forecast that California Resources will post 3.85 EPS for the current fiscal year.

Institutional Investors Weigh In On California Resources

A number of institutional investors and hedge funds have recently bought and sold shares of CRC. Summit Investment Advisors Inc. grew its position in California Resources by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,217 shares of the oil and gas producer's stock valued at $374,000 after acquiring an additional 228 shares during the last quarter. SummerHaven Investment Management LLC grew its position in California Resources by 1.9% during the first 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 during the last quarter. New York State Teachers Retirement System grew its position in California Resources by 1.4% during 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. grew its position in California Resources by 68.8% during the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock valued at $34,000 after acquiring an additional 316 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC grew its position in California Resources by 5.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 6,929 shares of the oil and gas producer's stock valued at $360,000 after acquiring an additional 372 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.