California Resources (NYSE:CRC) Stock Rating Upgraded by Barclays

California Resources (NYSE:CRC - Get Free Report) was upgraded by Barclays from an "equal weight" rating to an "overweight" rating in a research note issued to investors on Friday, Marketbeat reports. The brokerage currently has a $60.00 price target on the oil and gas producer's stock, up from their prior price target of $50.00. Barclays's price objective would suggest a potential upside of 30.21% from the company's current price.

A number of other brokerages also recently weighed in on CRC. Roth Capital reiterated a "buy" rating on shares of California Resources in a report on Wednesday, May 7th. Royal Bank of Canada lowered their price target on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a report on Friday, April 11th. Wall Street Zen cut shares of California Resources from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. UBS Group raised their price objective on California Resources from $49.00 to $51.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, Truist Financial upgraded California Resources to a "strong-buy" rating in a report on Tuesday, May 6th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, California Resources presently has an average rating of "Moderate Buy" and a consensus target price of $61.27.

California Resources Price Performance

Shares of CRC traded up $1.09 during trading hours on Friday, hitting $46.08. 365,144 shares of the company were exchanged, compared to its average volume of 874,769. The company has a market cap of $4.11 billion, a price-to-earnings ratio of 7.26, a P/E/G ratio of 1.02 and a beta of 1.06. California Resources has a fifty-two week low of $30.97 and a fifty-two week high of $60.41. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The firm's fifty day moving average is $38.85 and its 200 day moving average is $46.31.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share 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 analyst estimates of $862.14 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. California Resources's revenue was up 100.9% compared to the same quarter last year. During the same period last year, the firm posted $0.75 earnings per share. On average, equities analysts anticipate that California Resources will post 3.85 earnings per share for the current fiscal year.

Insider Activity at California Resources

In other California Resources news, Director James N. Chapman bought 2,000 shares of California Resources stock in a transaction on Wednesday, March 5th. The shares were acquired at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the purchase, the director now directly owns 43,445 shares in the company, valued at approximately $1,712,601.90. This trade represents a 4.83% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.03% of the stock is currently owned by insiders.

Hedge Funds Weigh In On California Resources

Institutional investors have recently made changes to their positions in the company. Entropy Technologies LP bought a new stake in California Resources during the fourth quarter valued at about $841,000. Bank of New York Mellon Corp boosted its position in California Resources by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 739,057 shares of the oil and gas producer's stock valued at $38,350,000 after purchasing an additional 14,240 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in California Resources by 1.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 55,289 shares of the oil and gas producer's stock valued at $2,869,000 after purchasing an additional 649 shares in the last quarter. Empowered Funds LLC boosted its position in California Resources by 84.3% during the fourth quarter. Empowered Funds LLC now owns 48,929 shares of the oil and gas producer's stock valued at $2,539,000 after purchasing an additional 22,383 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in California Resources by 518.4% during the fourth quarter. Blue Trust Inc. now owns 1,682 shares of the oil and gas producer's stock valued at $88,000 after purchasing an additional 1,410 shares in the last quarter. Hedge funds and other 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.