California Resources (NYSE:CRC) Price Target Raised to $76.00

Key Points

• Wells Fargo raised its price target on California Resources to $76.00 from $72.00 and kept an "overweight" rating, implying about a 17.88% upside from the prior close.
• Analyst consensus is a Moderate Buy with an average price target of $67.80, although recent targets range higher (e.g., UBS at $75).
• In the latest quarter CRC reported EPS of $0.47 (missing the $0.49 estimate) while revenue of $924 million beat estimates and rose 5.4% year‑over‑year.

California Resources (NYSE:CRC - Get Free Report) had its price objective boosted by analysts at Wells Fargo & Company from $72.00 to $76.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the oil and gas producer's stock. Wells Fargo & Company's price target would suggest a potential upside of 17.88% from the stock's previous close.

A number of other analysts have also recently issued reports on the stock. Royal Bank Of Canada set a $70.00 target price on shares of California Resources in a research note on Monday, January 5th. UBS Group raised their price target on shares of California Resources from $63.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, March 5th. Barclays lifted their price objective on shares of California Resources from $67.00 to $72.00 and gave the company an "overweight" rating in a research note on Monday. Mizuho raised their target price on shares of California Resources from $71.00 to $72.00 and gave the company an "outperform" rating in a research note on Friday, December 12th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of California Resources in a report on Wednesday, January 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, California Resources presently has an average rating of "Moderate Buy" and an average price target of $67.80.

California Resources Stock Performance

Shares of CRC stock opened at $64.47 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.89 and a quick ratio of 0.79. California Resources has a fifty-two week low of $30.97 and a fifty-two week high of $66.35. The stock's 50-day moving average is $54.80 and its two-hundred day moving average is $50.92. The firm has a market cap of $5.71 billion, a P/E ratio of 15.65 and a beta of 1.11.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly 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). California Resources had a net margin of 9.89% and a return on equity of 10.23%. The firm had revenue of $924.00 million for the quarter, compared to analyst estimates of $789.67 million. During the same quarter in the prior year, the firm earned $0.91 earnings per share. The firm's quarterly revenue was up 5.4% compared to the same quarter last year. Analysts predict that California Resources will post 3.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other California Resources news, COO Omar Hayat sold 23,000 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $65.87, for a total transaction of $1,515,010.00. Following the completion of the transaction, the chief operating officer directly owned 82,236 shares in the company, valued at $5,416,885.32. This represents a 21.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Noelle M. Repetti sold 8,564 shares of California Resources stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $63.71, for a total value of $545,612.44. Following the transaction, the vice president directly owned 7,684 shares of the company's stock, valued at approximately $489,547.64. The trade was a 52.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 72,283 shares of company stock worth $4,636,646 over the last 90 days. Corporate insiders own 0.63% of the company's stock.

Institutional Investors Weigh In On California Resources

A number of hedge funds have recently made changes to their positions in CRC. Rockefeller Capital Management L.P. boosted its position in California Resources by 363.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer's stock valued at $25,000 after buying an additional 440 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in shares of California Resources during the fourth quarter worth approximately $26,000. Clearstead Advisors LLC raised its stake in shares of California Resources by 82.5% in the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer's stock valued at $27,000 after acquiring an additional 226 shares during the last quarter. Pinnacle Holdings LLC acquired a new position in shares of California Resources in the 4th quarter worth approximately $27,000. Finally, Salomon & Ludwin LLC acquired a new position in shares of California Resources in the 3rd quarter worth approximately $29,000. Institutional investors and hedge funds own 97.79% of the company's stock.

California Resources Company Profile

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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