California Resources (NYSE:CRC) Rating Increased to Overweight at JPMorgan Chase & Co.

California Resources (NYSE:CRC - Get Free Report) was upgraded by stock analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage currently has a $63.00 target price on the oil and gas producer's stock, up from their prior target price of $60.00. JPMorgan Chase & Co.'s price objective suggests a potential upside of 31.05% from the stock's current price.

Several other research firms also recently weighed in on CRC. Royal Bank Of Canada lowered their target price on California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research report on Friday, April 11th. UBS Group set a $58.00 price objective on California Resources and gave the stock a "buy" rating in a research note on Monday. Truist Financial upgraded California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Citigroup raised their target price on shares of California Resources from $36.00 to $44.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. Finally, Roth Capital reiterated a "buy" rating on shares of California Resources in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $62.27.

California Resources Stock Performance

CRC traded up $1.46 during midday trading on Tuesday, hitting $48.07. 828,335 shares of the company traded hands, compared to its average volume of 839,205. The company's 50-day moving average is $45.01 and its 200 day moving average is $44.46. California Resources has a 52 week low of $30.97 and a 52 week high of $60.41. The firm has a market capitalization of $4.29 billion, a PE ratio of 8.72 and a beta of 1.16. The company has a quick ratio of 0.74, a current ratio of 0.83 and a debt-to-equity ratio of 0.25.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.24. The business had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The firm's revenue was up 100.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.75 EPS. On average, research analysts expect that California Resources will post 3.85 EPS for the current year.

Institutional Investors Weigh In On California Resources

Hedge funds have recently made changes to their positions in the company. Atria Investments Inc raised its position in shares of California Resources by 17.1% during the 4th quarter. Atria Investments Inc now owns 4,674 shares of the oil and gas producer's stock valued at $243,000 after buying an additional 683 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in California Resources by 37.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,930 shares of the oil and gas producer's stock worth $878,000 after acquiring an additional 4,613 shares during the last quarter. Swiss National Bank raised its position in California Resources by 1.1% during the fourth quarter. Swiss National Bank now owns 123,300 shares of the oil and gas producer's stock valued at $6,398,000 after purchasing an additional 1,400 shares during the period. Natixis Advisors LLC lifted its stake in shares of California Resources by 10.2% in the 4th quarter. Natixis Advisors LLC now owns 12,164 shares of the oil and gas producer's stock valued at $631,000 after purchasing an additional 1,122 shares during the last quarter. Finally, Cibc World Markets Corp purchased a new position in shares of California Resources in the 4th quarter worth approximately $335,000. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

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.