California Resources (NYSE:CRC) Stock Price Expected to Rise, Barclays Analyst Says

Key Points

• Barclays raised its price target on California Resources from $72 to $80 and kept an overweight rating, implying about 30.5% upside from the current share price.
• Several other analysts have turned more positive on the stock recently, including upgrades from Zacks Research and Citigroup, while the broader consensus remains a Buy with an average target of $72.
• CRC shares were trading around $61.30 after a small decline, and the company’s latest earnings matched EPS expectations but showed a steep year-over-year revenue drop.

California Resources (NYSE:CRC - Get Free Report) had its price target lifted by equities research analysts at Barclays from $72.00 to $80.00 in a report released on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the oil and gas producer's stock. Barclays's price objective would suggest a potential upside of 30.51% from the stock's current price.

Other equities research analysts also recently issued reports about the stock. Zacks Research raised shares of California Resources from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 27th. Wells Fargo & Company upped their target price on shares of California Resources from $72.00 to $76.00 and gave the company an "overweight" rating in a research note on Tuesday, March 17th. Citigroup raised shares of California Resources from a "neutral" rating to a "buy" rating and upped their target price for the company from $74.00 to $78.00 in a research note on Wednesday, May 20th. Weiss Ratings downgraded shares of California Resources from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 8th. Finally, UBS Group set a $78.00 target price on shares of California Resources and gave the company a "buy" rating in a research note on Monday, May 11th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $72.00.

California Resources Price Performance

CRC stock traded down $0.74 during trading on Tuesday, hitting $61.30. 211,807 shares of the stock traded hands, compared to its average volume of 933,845. California Resources has a one year low of $41.88 and a one year high of $71.98. The stock has a market cap of $5.44 billion, a price-to-earnings ratio of -11.79 and a beta of 0.96. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 0.45. The company has a 50 day simple moving average of $64.49 and a 200 day simple moving average of $55.49.

California Resources (NYSE:CRC - Get Free Report) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, hitting analysts' consensus estimates of $0.88. The company had revenue of $119.00 million during the quarter, compared to the consensus estimate of $947.50 million. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The company's revenue was down 87.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.07 earnings per share. Equities analysts expect that California Resources will post 5.56 EPS for the current fiscal year.

Insider Activity

In other California Resources news, EVP Christopher D. Gould sold 24,347 shares of the firm's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $62.21, for a total value of $1,514,626.87. Following the transaction, the executive vice president directly owned 131,537 shares of the company's stock, valued at $8,182,916.77. This trade represents a 15.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Omar Hayat sold 23,000 shares of the firm's stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $65.87, for a total transaction of $1,515,010.00. Following the completion of the transaction, the chief operating officer directly owned 82,236 shares in the company, valued at approximately $5,416,885.32. This represents a 21.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 72,283 shares of company stock valued at $4,636,646 in the last 90 days. 0.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On California Resources

A number of hedge funds have recently made changes to their positions in CRC. Federated Hermes Inc. boosted its position in California Resources by 4.3% during the 4th quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer's stock worth $209,000 after buying an additional 195 shares during the period. Quadrant Capital Group LLC boosted its position in California Resources by 14.6% during the 4th quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer's stock worth $75,000 after buying an additional 214 shares during the period. Clearstead Advisors LLC boosted its position in California Resources by 82.5% during the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer's stock worth $27,000 after buying an additional 226 shares during the period. iA Global Asset Management Inc. boosted its position in California Resources by 4.4% during the 4th quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer's stock worth $243,000 after buying an additional 230 shares during the period. Finally, Smartleaf Asset Management LLC boosted its position in California Resources by 21.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,353 shares of the oil and gas producer's stock worth $73,000 after buying an additional 236 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Company Profile

California Resources Corporation NYSE: CRC is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC's operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.