California Resources (NYSE:CRC) Stock Price Expected to Rise, Mizuho Analyst Says

California Resources (NYSE:CRC - Get Free Report) had its price target raised by research analysts at Mizuho from $60.00 to $61.00 in a research note issued on Monday,Benzinga reports. The firm presently has an "outperform" rating on the oil and gas producer's stock. Mizuho's price target points to a potential upside of 30.86% from the stock's previous close.

A number of other brokerages have also recently issued reports on CRC. Truist Financial upgraded California Resources to a "strong-buy" rating in a research note on Tuesday, May 6th. Royal Bank Of Canada dropped their target price on California Resources from $68.00 to $60.00 and set an "outperform" rating on the stock in a research report on Friday, April 11th. Barclays upgraded California Resources from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $50.00 to $60.00 in a research report on Friday, May 30th. Wall Street Zen downgraded California Resources from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Finally, Bank of America decreased their price target on California Resources from $64.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $62.00.

California Resources Stock Performance

CRC traded down $0.45 during trading on Monday, hitting $46.62. 597,424 shares of the company traded hands, compared to its average volume of 947,055. California Resources has a one year low of $30.97 and a one year high of $60.41. The stock's fifty day moving average is $44.84 and its 200 day moving average is $44.45. The company has a quick ratio of 0.74, a current ratio of 0.83 and a debt-to-equity ratio of 0.25. The firm has a market cap of $4.16 billion, a P/E ratio of 8.46 and a beta of 1.16.

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 the consensus estimate of $0.83 by $0.24. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The company had revenue of $912.00 million during the quarter, compared to analyst estimates of $862.14 million. During the same quarter last year, the business posted $0.75 EPS. California Resources's quarterly revenue was up 100.9% compared to the same quarter last year. As a group, equities analysts predict 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 modified their holdings of the company. Paragon Capital Management Ltd raised its holdings in shares of California Resources by 13.6% during the 2nd quarter. Paragon Capital Management Ltd now owns 5,253 shares of the oil and gas producer's stock valued at $240,000 after buying an additional 627 shares in the last quarter. State of Alaska Department of Revenue grew its stake 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 buying an additional 1,911 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of California Resources in the second quarter worth about $624,000. Pallas Capital Advisors LLC bought a new stake in shares of California Resources in the 2nd quarter valued at about $362,000. Finally, Voya Investment Management LLC boosted its holdings in California Resources by 27.6% during the 1st quarter. Voya Investment Management LLC now owns 52,384 shares of the oil and gas producer's stock valued at $2,303,000 after acquiring an additional 11,336 shares during the period. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

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.