California Resources (NYSE:CRC) Rating Increased to Strong-Buy at Truist Financial

California Resources (NYSE:CRC - Get Free Report) was upgraded by Truist Financial to a "strong-buy" rating in a report issued on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on CRC. Barclays dropped their price objective on California Resources from $55.00 to $47.00 and set an "equal weight" rating for the company in a report on Wednesday, April 23rd. Citigroup cut shares of California Resources from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $62.00 to $36.00 in a research report on Monday, April 7th. Roth Capital restated a "buy" rating on shares of California Resources in a report on Wednesday. Royal Bank of Canada decreased their target price on California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a research report on Friday, April 11th. Finally, Bank of America decreased their price target on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $61.27.

California Resources Price Performance

CRC stock opened at $38.52 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The firm has a market cap of $3.49 billion, a P/E ratio of 6.07, a P/E/G ratio of 1.02 and a beta of 1.06. The firm's fifty day moving average is $38.81 and its 200 day moving average is $47.89. 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 announced its quarterly 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. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $912.00 million for the quarter, compared to analysts' expectations of $862.14 million. During the same period in the previous year, the firm earned $0.75 EPS. The business's quarterly revenue was up 100.9% on a year-over-year basis. Research analysts predict that California Resources will post 3.85 earnings per share for the current year.

Insider Buying and Selling at California Resources

In other California Resources news, Director James N. Chapman acquired 2,000 shares of the business's stock in a transaction on Wednesday, March 5th. The shares were bought at an average price of $39.42 per share, with a total value of $78,840.00. Following the transaction, the director now directly owns 43,445 shares of the company's stock, valued at $1,712,601.90. The trade was a 4.83 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.03% of the company's stock.

Institutional Investors Weigh In On California Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Larson Financial Group LLC grew its stake in California Resources by 269.4% in the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock worth $28,000 after purchasing an additional 466 shares in the last quarter. R Squared Ltd bought a new position in shares of California Resources during the 4th quarter worth $31,000. Harbor Capital Advisors Inc. raised its holdings in shares of California Resources by 68.8% in the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock valued at $34,000 after acquiring an additional 316 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in California Resources by 331.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer's stock worth $53,000 after acquiring an additional 812 shares during the period. Finally, Nisa Investment Advisors LLC raised its holdings in shares of California Resources by 71.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer's stock valued at $56,000 after purchasing an additional 454 shares in the last quarter. Institutional investors own 97.79% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.