California Resources (NYSE:CRC) Price Target Raised to $61.00 at Mizuho

California Resources (NYSE:CRC - Get Free Report) had its price target raised by analysts at Mizuho from $60.00 to $61.00 in a report issued on Monday,Benzinga reports. The firm currently has an "outperform" rating on the oil and gas producer's stock. Mizuho's target price would suggest a potential upside of 27.99% from the company's previous close.

A number of other analysts have also issued reports on CRC. Bank of America dropped their price target on shares of California Resources from $64.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Royal Bank Of Canada dropped their price target on shares of California Resources from $68.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, April 11th. Roth Capital restated a "buy" rating on shares of California Resources in a research note on Wednesday, May 7th. Wall Street Zen lowered shares of California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Finally, Citigroup lifted their price target on shares of California Resources from $36.00 to $44.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $62.00.

California Resources Stock Up 2.3%

Shares of NYSE:CRC traded up $1.05 during midday trading on Monday, reaching $47.66. The company had a trading volume of 228,716 shares, compared to its average volume of 836,877. 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 stock's fifty day moving average price is $45.01 and its 200-day moving average price is $44.46. The stock has a market capitalization of $4.25 billion, a P/E ratio of 8.63 and a beta of 1.16. California Resources has a one year low of $30.97 and a one year high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.83 by $0.24. The business had revenue of $912.00 million during the quarter, compared to analyst estimates of $862.14 million. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The business's revenue was up 100.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.75 earnings per share. Equities research analysts expect that California Resources will post 3.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On California Resources

Several hedge funds and other institutional investors have recently modified their holdings of the company. Sage Rhino Capital LLC boosted its holdings in shares of California Resources by 8.8% during the second quarter. Sage Rhino Capital LLC now owns 27,950 shares of the oil and gas producer's stock valued at $1,276,000 after acquiring an additional 2,249 shares during the period. Paragon Capital Management Ltd boosted its holdings in shares of California Resources by 13.6% during the second quarter. Paragon Capital Management Ltd now owns 5,253 shares of the oil and gas producer's stock valued at $240,000 after acquiring an additional 627 shares during the period. State of Alaska Department of Revenue boosted its holdings in shares of California Resources by 4.8% during the second quarter. State of Alaska Department of Revenue now owns 41,402 shares of the oil and gas producer's stock valued at $1,890,000 after acquiring an additional 1,911 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in shares of California Resources during the second quarter valued at $624,000. Finally, Pallas Capital Advisors LLC acquired a new position in shares of California Resources during the second quarter valued at $362,000. 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.