California Resources (NYSE:CRC) Upgraded by Zacks Research to Strong-Buy Rating

Key Points

• California Resources (NYSE: CRC) has been upgraded from a "hold" to a "strong-buy" rating by Zacks Research, indicating increased confidence among analysts.
• Several other firms have also upgraded their ratings and price targets for the company, with JPMorgan raising it to $63 and Bank of America lifting it to $60.
• California Resources reported strong quarterly earnings, with $1.10 earnings per share exceeding expectations, as revenue surged by 90.3% year-over-year to $978 million.

California Resources (NYSE:CRC - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Bank of America lifted their target price on California Resources from $53.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Mizuho set a $71.00 price objective on California Resources in a report on Monday, September 15th. UBS Group boosted their price objective on California Resources from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Tuesday, September 16th. Barclays upped their target price on California Resources from $60.00 to $66.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 16th. Finally, Roth Capital set a $63.00 target price on California Resources in a report on Monday, September 15th. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $65.50.

California Resources Price Performance

NYSE CRC traded down $2.59 during mid-day trading on Monday, hitting $54.99. The stock had a trading volume of 2,283,786 shares, compared to its average volume of 1,024,145. California Resources has a 52-week low of $30.97 and a 52-week high of $60.41. The company has a market cap of $4.60 billion, a price-to-earnings ratio of 7.51 and a beta of 1.16. The company has a 50 day simple moving average of $49.87 and a 200 day simple moving average of $44.61. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.19. California Resources had a return on equity of 11.95% and a net margin of 16.14%.The company had revenue of $978.00 million during the quarter, compared to the consensus estimate of $820.93 million. During the same quarter last year, the business posted $0.60 earnings per share. California Resources's revenue was up 90.3% compared to the same quarter last year. Equities analysts forecast that California Resources will post 3.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. American Century Companies Inc. lifted its position in shares of California Resources by 10.5% during the second quarter. American Century Companies Inc. now owns 2,846,722 shares of the oil and gas producer's stock valued at $130,010,000 after purchasing an additional 270,562 shares in the last quarter. Sourcerock Group LLC grew its stake in California Resources by 63.8% in the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer's stock worth $91,370,000 after buying an additional 779,280 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in shares of California Resources by 6.1% in the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,289,479 shares of the oil and gas producer's stock worth $58,891,000 after acquiring an additional 73,885 shares during the last quarter. Orbis Allan Gray Ltd lifted its holdings in shares of California Resources by 3.0% in the 1st quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer's stock worth $52,713,000 after acquiring an additional 34,593 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in California Resources by 4.4% during the 1st quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer's stock valued at $46,780,000 after buying an additional 44,938 shares during the last quarter. 97.79% of the stock is owned by institutional investors.

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.