California Resources (NYSE:CRC) Rating Increased to Buy at Wall Street Zen

Key Points

• California Resources was upgraded by Wall Street Zen from hold to buy, adding to a generally positive analyst view of the stock.
• Recent analyst updates were mostly bullish, with firms like Mizuho and UBS reiterating positive ratings and the current consensus standing at Moderate Buy with an average target price of $73.50.
• The company last reported EPS of $0.88 in line with expectations, but revenue came in far below estimates and was down 87% year over year; meanwhile, insiders have been selling shares and institutional ownership remains very high at 97.79%.

California Resources (NYSE:CRC - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Other analysts have also recently issued research reports about the stock. Mizuho upped their target price on shares of California Resources from $86.00 to $87.00 and gave the company an "outperform" rating in a research note on Wednesday. UBS Group set a $78.00 target price on shares of California Resources and gave the company a "buy" rating in a research note on Monday, May 11th. Wells Fargo & Company upped their target price on shares of California Resources from $72.00 to $76.00 and gave the company an "overweight" rating in a research note on Tuesday, March 17th. Weiss Ratings cut shares of California Resources from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 8th. Finally, TD Cowen raised shares of California Resources to a "strong-buy" rating in a research note on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $73.50.

California Resources Stock Performance

NYSE:CRC opened at $59.25 on Friday. The firm's 50-day moving average is $64.26 and its 200-day moving average is $55.82. California Resources has a 52-week low of $42.20 and a 52-week high of $71.98. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.47 and a current ratio of 0.55. The company has a market cap of $5.26 billion, a price-to-earnings ratio of -11.39 and a beta of 0.96.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.88. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The company had revenue of $119.00 million for the quarter, compared to the consensus estimate of $947.50 million. During the same quarter in the previous year, the firm posted $1.07 EPS. The business's revenue was down 87.0% compared to the same quarter last year. Equities research analysts anticipate that California Resources will post 5.56 earnings per share for the current year.

Insider Buying and Selling at California Resources

In related news, VP Noelle M. Repetti sold 8,564 shares of the company's stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $63.71, for a total value of $545,612.44. Following the sale, the vice president owned 7,684 shares of the company's stock, valued at $489,547.64. The trade was a 52.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mark Allen Mcfarland sold 16,372 shares of the business's stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $64.83, for a total transaction of $1,061,396.76. Following the completion of the transaction, the director owned 76,265 shares in the company, valued at approximately $4,944,259.95. This trade represents a 17.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 72,283 shares of company stock worth $4,636,646. Insiders own 0.53% of the company's stock.

Hedge Funds Weigh In On California Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its position in California Resources by 57.1% in the first quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer's stock valued at $40,543,000 after buying an additional 212,827 shares in the last quarter. Janus Henderson Group PLC boosted its position in California Resources by 12.8% in the first quarter. Janus Henderson Group PLC now owns 480,413 shares of the oil and gas producer's stock valued at $33,254,000 after buying an additional 54,703 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in California Resources by 13.6% in the first quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer's stock valued at $155,000 after buying an additional 268 shares in the last quarter. California State Teachers Retirement System boosted its position in California Resources by 25.4% in the first quarter. California State Teachers Retirement System now owns 76,343 shares of the oil and gas producer's stock valued at $5,284,000 after buying an additional 15,486 shares in the last quarter. Finally, Readystate Asset Management LP acquired a new position in California Resources in the first quarter valued at about $1,663,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

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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