California Resources (NYSE:CRC) Upgraded by Barclays to Overweight Rating

California Resources (NYSE:CRC - Get Free Report) was upgraded by research analysts at Barclays from an "equal weight" rating to an "overweight" rating in a research report issued on Friday, MarketBeat.com 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 target price would suggest a potential upside of 35.75% from the stock's previous close.

A number of other research analysts have also weighed in on CRC. Bank of America dropped their target price on California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. UBS Group lifted their price target on California Resources from $49.00 to $51.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Citigroup lifted their price target on California Resources from $36.00 to $44.00 and gave the company a "neutral" rating in a research report on Monday, May 19th. Finally, Mizuho dropped their price objective on California Resources from $64.00 to $60.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $61.27.

California Resources Trading Up 3.5%

Shares of California Resources stock traded up $1.51 on Friday, hitting $44.20. 1,852,282 shares of the company's stock traded hands, compared to its average volume of 873,014. California Resources has a one year low of $30.97 and a one year high of $60.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The company has a fifty day moving average of $38.84 and a two-hundred day moving average of $46.48. The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of 6.96, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, topping 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%. The company's quarterly revenue was up 100.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.75 earnings per share. As a group, sell-side analysts expect that California Resources will post 3.85 earnings per share for the current year.

Insider Transactions at California Resources

In other California Resources news, Director James N. Chapman bought 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The stock was bought at an average price of $39.42 per share, for a total transaction of $78,840.00. Following the completion of the acquisition, the director now directly owns 43,445 shares in the company, valued at $1,712,601.90. The trade was a 4.83% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.63% of the company's stock.

Hedge Funds Weigh In On California Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in CRC. Vanguard Group Inc. grew its holdings in shares of California Resources by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer's stock worth $484,953,000 after acquiring an additional 225,620 shares during the period. First Trust Advisors LP lifted its position in California Resources by 14.2% in the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer's stock valued at $353,800,000 after acquiring an additional 845,694 shares in the last quarter. American Century Companies Inc. lifted its position in California Resources by 10.7% in the 1st quarter. American Century Companies Inc. now owns 2,576,160 shares of the oil and gas producer's stock valued at $113,274,000 after acquiring an additional 248,448 shares in the last quarter. Geode Capital Management LLC lifted its position in California Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer's stock valued at $83,344,000 after acquiring an additional 13,116 shares in the last quarter. Finally, Orbis Allan Gray Ltd lifted its holdings in shares of California Resources by 3.0% during the 1st quarter. Orbis Allan Gray Ltd now owns 1,198,841 shares of the oil and gas producer's stock valued at $52,713,000 after buying an additional 34,593 shares during the period. 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.