California Resources (NYSE:CRC) Upgraded by JPMorgan Chase & Co. to Overweight Rating

California Resources (NYSE:CRC - Get Free Report) was upgraded by analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a note issued to investors on Tuesday, Marketbeat reports. The brokerage presently 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 target price suggests a potential upside of 22.01% from the stock's previous close.

Several other brokerages also recently commented on CRC. UBS Group set a $58.00 target price on shares of California Resources and gave the stock a "buy" rating in a report on Monday. Barclays upgraded shares of California Resources from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $50.00 to $60.00 in a report on Friday, May 30th. Mizuho lifted their target price on shares of California Resources from $60.00 to $61.00 and gave the stock an "outperform" rating in a report on Monday. Citigroup lifted their target price on shares of California Resources from $36.00 to $44.00 and gave the stock a "neutral" rating in a report on Monday, May 19th. Finally, Wall Street Zen downgraded shares of California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $62.27.

California Resources Stock Up 7.5%

Shares of California Resources stock traded up $3.60 during midday trading on Tuesday, reaching $51.63. 1,291,103 shares of the company's stock traded hands, compared to its average volume of 843,688. The company has a market cap of $4.60 billion, a price-to-earnings ratio of 9.41 and a beta of 1.16. The company's 50 day simple moving average is $45.15 and its 200 day simple moving average is $44.45. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.74 and a current ratio of 0.83. California Resources has a 52 week low of $30.97 and a 52 week high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.24. The business had revenue of $912.00 million for 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%. California Resources's revenue for the quarter was up 100.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.75 EPS. Equities analysts expect that California Resources will post 3.85 earnings per share for the current fiscal year.

Institutional Trading of California Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. SummerHaven Investment Management LLC boosted its position in shares of California Resources by 2.6% during the 2nd quarter. SummerHaven Investment Management LLC now owns 15,738 shares of the oil and gas producer's stock valued at $719,000 after acquiring an additional 403 shares in the last quarter. Sage Rhino Capital LLC boosted its position in shares of California Resources by 8.8% during the 2nd quarter. Sage Rhino Capital LLC now owns 27,950 shares of the oil and gas producer's stock valued at $1,276,000 after acquiring an additional 2,249 shares in the last quarter. Paragon Capital Management Ltd boosted its position in shares of California Resources by 13.6% during the 2nd quarter. Paragon Capital Management Ltd now owns 5,253 shares of the oil and gas producer's stock valued at $240,000 after acquiring an additional 627 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of California Resources by 4.8% during the 2nd quarter. State of Alaska Department of Revenue now owns 41,402 shares of the oil and gas producer's stock valued at $1,890,000 after acquiring an additional 1,911 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of California Resources during the 2nd quarter valued at about $624,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

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.