UBS Group Raises California Resources (NYSE:CRC) Price Target to $58.00

California Resources (NYSE:CRC - Get Free Report) had its price target boosted by equities research analysts at UBS Group from $51.00 to $58.00 in a report issued on Monday, July 14th, MarketBeat.com reports. The brokerage currently has a "buy" rating on the oil and gas producer's stock. UBS Group's target price suggests a potential upside of 20.34% from the stock's current price.

CRC has been the subject of several other reports. Royal Bank Of Canada decreased their price objective on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a research report on Friday, April 11th. Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. Mizuho reduced their price objective on California Resources from $64.00 to $60.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Bank of America dropped their target price on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Finally, Citigroup lifted their target price on shares of California Resources from $36.00 to $44.00 and gave the company a "neutral" rating in a report on Monday, May 19th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $62.27.

California Resources Price Performance

NYSE CRC opened at $48.20 on Monday. California Resources has a 12 month low of $30.97 and a 12 month high of $60.41. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.83 and a quick ratio of 0.74. The firm has a market capitalization of $4.30 billion, a PE ratio of 8.74 and a beta of 1.16. The company's 50 day simple moving average is $46.40 and its 200 day simple moving average is $44.29.

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 EPS for the quarter, beating the consensus estimate of $0.83 by $0.24. The business had revenue of $912.00 million for the quarter, compared to analysts' expectations 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 was up 100.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.75 earnings per share. As a group, equities research analysts forecast that California Resources will post 3.85 EPS for the current fiscal year.

Hedge Funds Weigh In On California Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd acquired a new position in shares of California Resources in the 2nd quarter worth approximately $35,000. Allianz Asset Management GmbH lifted its position in California Resources by 70.7% in the 2nd quarter. Allianz Asset Management GmbH now owns 52,333 shares of the oil and gas producer's stock worth $2,390,000 after buying an additional 21,673 shares in the last quarter. New York State Teachers Retirement System raised its holdings in shares of California Resources by 33.3% during the 2nd quarter. New York State Teachers Retirement System now owns 29,331 shares of the oil and gas producer's stock valued at $1,340,000 after purchasing an additional 7,331 shares in the last quarter. CWM LLC raised its holdings in California Resources by 3,439.8% in the 2nd quarter. CWM LLC now owns 18,336 shares of the oil and gas producer's stock worth $837,000 after acquiring an additional 17,818 shares during the period. Finally, Vontobel Holding Ltd. acquired a new stake in California Resources in the 2nd quarter worth $2,018,000. Institutional investors and hedge funds own 97.79% of the company's stock.

About California Resources

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.