California Resources (NYSE:CRC) Price Target Raised to $75.00

Key Points

• UBS raised its price target to $75 from $63 and kept a "buy" rating, implying about an 18.8% upside from the stock's current price.
• Analyst consensus is a "Moderate Buy" with a $66.90 average target — most analysts rate CRC as Buy or Strong Buy (11 of 15), while four issue Holds.
• Recent quarter showed a slight EPS miss ($0.47 vs. $0.49) but a revenue beat ($924M vs. $789.7M); shares traded at $63.13, near the 12‑month high, with a $5.59B market cap.

California Resources (NYSE:CRC - Get Free Report) had its price objective raised by equities research analysts at UBS Group from $63.00 to $75.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the oil and gas producer's stock. UBS Group's price objective indicates a potential upside of 18.80% from the company's current price.

CRC has been the topic of a number of other research reports. Zacks Research raised shares of California Resources from a "strong sell" rating to a "hold" rating in a research note on Thursday, February 19th. Barclays boosted their price objective on California Resources from $65.00 to $67.00 and gave the stock an "overweight" rating in a research note on Tuesday. Mizuho increased their target price on shares of California Resources from $71.00 to $72.00 and gave the company an "outperform" rating in a research report on Friday, December 12th. Wells Fargo & Company boosted their target price on California Resources from $56.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, Pickering Energy Partners downgraded shares of California Resources from an "outperform" rating to a "neutral" rating in a research note on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, California Resources has an average rating of "Moderate Buy" and a consensus target price of $66.90.

California Resources Stock Performance

Shares of NYSE:CRC traded up $1.08 during trading on Thursday, hitting $63.13. The stock had a trading volume of 37,423 shares, compared to its average volume of 812,434. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.35. California Resources has a 12-month low of $30.97 and a 12-month high of $63.74. The stock has a market capitalization of $5.59 billion, a price-to-earnings ratio of 15.47 and a beta of 1.12. The stock has a 50-day simple moving average of $51.90 and a two-hundred day simple moving average of $50.12.

California Resources (NYSE:CRC - Get Free Report) last issued its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.02). The business had revenue of $924.00 million for the quarter, compared to analysts' expectations of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the business earned $0.91 EPS. On average, equities research analysts expect that California Resources will post 3.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On California Resources

Several institutional investors have recently modified their holdings of the company. American Century Companies Inc. raised its stake in shares of California Resources by 5.6% during the third quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer's stock worth $159,882,000 after purchasing an additional 159,708 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in California Resources by 23.9% in the 3rd quarter. Principal Financial Group Inc. now owns 468,669 shares of the oil and gas producer's stock valued at $24,924,000 after purchasing an additional 90,466 shares in the last quarter. Channing Capital Management LLC acquired a new stake in shares of California Resources in the third quarter valued at about $6,205,000. Clayton Partners LLC grew its position in California Resources by 35.2% during the third quarter. Clayton Partners LLC now owns 136,100 shares of the oil and gas producer's stock worth $7,238,000 after buying an additional 35,461 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. purchased a new stake in California Resources during the third quarter worth $2,200,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

About California Resources

California Resources Corporation NYSE: CRC is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC's operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.

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