JPMorgan Chase & Co. Forecasts Strong Price Appreciation for California Resources (NYSE:CRC) Stock

Key Points

• JPMorgan Chase & Co. has raised the target price for California Resources (NYSE:CRC) from $64.00 to $66.00, suggesting a potential upside of 27.07% from the current stock price.
• Other analysts, including Bank of America and UBS Group, have also increased their price targets, with an average target of $66.83 and a consensus rating of "Buy."
• California Resources reported a 90.3% increase in revenue year-over-year and beat earnings expectations with $1.10 earnings per share for the last quarter.

California Resources (NYSE:CRC - Get Free Report) had its target price lifted by research analysts at JPMorgan Chase & Co. from $64.00 to $66.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the oil and gas producer's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 27.07% from the company's previous close.

Several other analysts have also commented on the stock. Bank of America increased their price target on shares of California Resources from $60.00 to $66.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. Wall Street Zen cut shares of California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. Mizuho set a $71.00 target price on shares of California Resources in a research note on Monday, September 15th. Zacks Research raised California Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 15th. Finally, UBS Group increased their price objective on California Resources from $63.00 to $70.00 and gave the company a "buy" rating in a report on Tuesday, September 16th. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $66.83.

California Resources Stock Down 2.7%

Shares of California Resources stock opened at $51.94 on Friday. California Resources has a 1 year low of $30.97 and a 1 year high of $60.41. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.78 and a quick ratio of 0.68. The stock has a market cap of $4.35 billion, a price-to-earnings ratio of 7.10 and a beta of 1.16. The firm's 50-day moving average is $51.27 and its two-hundred day moving average is $45.65.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.19. The company had revenue of $978.00 million for the quarter, compared to analyst estimates of $820.93 million. California Resources had a net margin of 16.14% and a return on equity of 11.95%. California Resources's revenue was up 90.3% compared to the same quarter last year. During the same period last year, the company posted $0.60 earnings per share. As a group, research analysts expect that California Resources will post 3.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently modified their holdings of the company. Larson Financial Group LLC boosted its position in California Resources by 269.4% in the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer's stock valued at $28,000 after buying an additional 466 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of California Resources by 68.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer's stock valued at $34,000 after acquiring an additional 316 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of California Resources in the 2nd quarter valued at $35,000. Nomura Asset Management Co. Ltd. increased its stake in shares of California Resources by 97.9% in the second quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer's stock worth $42,000 after acquiring an additional 460 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of California Resources by 242.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,476 shares of the oil and gas producer's stock worth $67,000 after purchasing an additional 1,045 shares during the last quarter. 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.

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