Mizuho Issues Positive Forecast for California Resources (NYSE:CRC) Stock Price

Key Points

• Mizuho has raised the price target for California Resources Inc. from $64.00 to $65.00, indicating a potential upside of 14.90% from the current stock price.
• California Resources reported earnings of $1.10 per share, exceeding analysts' expectations and achieving a revenue growth of 90.3% year-over-year.
• Institutional investors hold 97.79% of California Resources' stock, showing strong institutional support for the company.

California Resources (NYSE:CRC - Get Free Report) had its price target hoisted by equities research analysts at Mizuho from $64.00 to $65.00 in a research note issued on Monday, MarketBeat Ratings reports. The firm presently has an "outperform" rating on the oil and gas producer's stock. Mizuho's price target would suggest a potential upside of 18.20% from the stock's current price.

Several other research firms have also weighed in on CRC. Bank of America lifted their target price on California Resources from $53.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. UBS Group lifted their target price on California Resources from $61.00 to $63.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. JPMorgan Chase & Co. raised California Resources from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $60.00 to $63.00 in a research note on Tuesday, July 15th. 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. Finally, Barclays raised California Resources from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $50.00 to $60.00 in a research note on Friday, May 30th. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $65.50.

California Resources Trading Down 4.5%

CRC stock traded down $2.59 during midday trading on Monday, hitting $54.99. 2,283,786 shares of the company's stock were exchanged, compared to its average volume of 970,579. The stock's fifty day moving average price is $49.73 and its 200-day moving average price is $44.47. 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 company has a market cap of $4.60 billion, a PE ratio of 7.51 and a beta of 1.16. California Resources has a one year low of $30.97 and a one year high of $60.41.

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 for the quarter, topping the consensus estimate of $0.91 by $0.19. The firm had revenue of $978.00 million for the quarter, compared to analyst estimates of $820.93 million. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The company's revenue for the quarter was up 90.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 earnings per share. Research analysts predict that California Resources will post 3.85 earnings per share for the current fiscal year.

Institutional Trading of California Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. increased its position in shares of California Resources by 2.1% in the first quarter. Principal Financial Group Inc. now owns 384,200 shares of the oil and gas producer's stock valued at $16,893,000 after acquiring an additional 8,047 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of California Resources by 50.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 10,211 shares of the oil and gas producer's stock valued at $463,000 after acquiring an additional 3,436 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of 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. KBC Group NV increased its position in shares of California Resources by 41.3% in the first quarter. KBC Group NV now owns 3,569 shares of the oil and gas producer's stock valued at $157,000 after acquiring an additional 1,043 shares during the last quarter. Finally, Crossmark Global Holdings Inc. increased its position in shares of California Resources by 17.4% in the first quarter. Crossmark Global Holdings Inc. now owns 4,823 shares of the oil and gas producer's stock valued at $212,000 after acquiring an additional 716 shares during the last quarter. Institutional investors and hedge funds 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.