California Resources (NYSE:CRC) Price Target Raised to $65.00 at Mizuho

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 objective increased by stock analysts at Mizuho from $64.00 to $65.00 in a note issued to investors on Monday,Benzinga 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 14.90% from the stock's current price.

Several other research firms have also issued reports on CRC. Citigroup raised their price objective on California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. JPMorgan Chase & Co. raised California Resources from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $60.00 to $63.00 in a research note on Tuesday, July 15th. Bank of America raised their price target on California Resources from $53.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, September 3rd. Roth Capital reissued a "buy" rating on shares of California Resources in a research note on Saturday, July 19th. Finally, UBS Group raised their price target on California Resources from $61.00 to $63.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $64.00.

California Resources Stock Performance

CRC traded up $3.56 during midday trading on Monday, reaching $56.57. The company had a trading volume of 1,193,615 shares, compared to its average volume of 946,608. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26. California Resources has a 1 year low of $30.97 and a 1 year high of $60.41. The business has a 50-day moving average of $48.96 and a two-hundred day moving average of $44.09. The company has a market cap of $4.73 billion, a P/E ratio of 7.72 and a beta of 1.16.

California Resources (NYSE:CRC - Get Free Report) last released 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 return on equity of 11.95% and a net margin of 16.14%.The firm had revenue of $978.00 million during the quarter, compared to analysts' expectations of $820.93 million. During the same quarter last year, the business posted $0.60 earnings per share. The firm's revenue was up 90.3% on a year-over-year basis. As a group, equities research analysts predict that California Resources will post 3.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On California Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRC. American Century Companies Inc. raised its holdings in shares of California Resources by 10.5% in the 2nd quarter. American Century Companies Inc. now owns 2,846,722 shares of the oil and gas producer's stock valued at $130,010,000 after buying an additional 270,562 shares during the period. Sourcerock Group LLC increased its position in shares of California Resources by 63.8% during the second quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer's stock worth $91,370,000 after purchasing an additional 779,280 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its position in shares of California Resources by 6.1% during the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,289,479 shares of the oil and gas producer's stock worth $58,891,000 after purchasing an additional 73,885 shares in the last quarter. Orbis Allan Gray Ltd increased its position in shares of California Resources by 3.0% during the first quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer's stock worth $52,713,000 after purchasing an additional 34,593 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of California Resources by 4.4% during the first quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer's stock worth $46,780,000 after purchasing an additional 44,938 shares in the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.