California Resources (NYSE:CRC) Receives Hold (C) Rating from Weiss Ratings

Key Points

• Weiss Ratings has reaffirmed a "hold (C)" rating on California Resources (NYSE:CRC), while several other analysts have set a range of price targets from $60.00 to $71.00, indicating a generally positive outlook for the stock.
• California Resources' stock is currently valued at $53.36, slightly down 0.5%, and has seen a significant increase in revenue, reporting $978 million in its latest quarter, up 90.3% year-over-year.
• Institutional investors have shown strong interest, with shares of California Resources being heavily traded and owned predominantly (97.79%) by these investors, reflecting confidence in the company’s performance.

California Resources (NYSE:CRC - Get Free Report)'s stock had its "hold (c)" rating reaffirmed by equities research analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Several other analysts have also issued reports on the stock. Mizuho set a $71.00 price target on shares of California Resources in a research report on Monday, September 15th. Roth Capital set a $63.00 price target on shares of California Resources in a research report on Monday, September 15th. Jefferies Financial Group set a $71.00 target price on shares of California Resources and gave the stock a "buy" rating in a report on Sunday, September 21st. Barclays boosted their target price on California Resources from $60.00 to $66.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. Finally, Zacks Research raised shares of California Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, September 15th. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, California Resources presently has an average rating of "Buy" and an average price target of $66.58.

California Resources Stock Down 0.5%

Shares of CRC traded down $0.25 during mid-day trading on Wednesday, reaching $53.36. The company's stock had a trading volume of 1,127,322 shares, compared to its average volume of 971,068. California Resources has a 1 year low of $30.97 and a 1 year high of $60.41. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26. The company has a market cap of $4.47 billion, a price-to-earnings ratio of 7.29 and a beta of 1.16. The business has a fifty day moving average of $51.10 and a 200 day moving average of $45.54.

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 (EPS) 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 in the prior year, the company posted $0.60 EPS. The firm's revenue was up 90.3% on a year-over-year basis. As a group, analysts forecast that California Resources will post 3.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On California Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sourcerock Group LLC lifted its holdings in shares of 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 valued at $91,370,000 after acquiring an additional 779,280 shares during the last quarter. Invesco Ltd. raised its stake in shares of California Resources by 155.8% during the 2nd quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer's stock worth $48,527,000 after acquiring an additional 647,190 shares in the last quarter. Nuveen LLC purchased a new position in California Resources in the first quarter worth $28,254,000. Millennium Management LLC lifted its stake in shares of California Resources by 255.5% during the first quarter. Millennium Management LLC now owns 677,093 shares of the oil and gas producer's stock worth $29,772,000 after buying an additional 486,650 shares during the period. Finally, Balyasny Asset Management L.P. lifted its position in California Resources by 461.5% during the second quarter. Balyasny Asset Management L.P. now owns 557,037 shares of the oil and gas producer's stock valued at $25,440,000 after purchasing an additional 457,835 shares during the period. 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.

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