California Resources (NYSE:CRC) PT Raised to $69.00

California Resources (NYSE:CRC - Get Free Report) had its target price increased by investment analysts at Stifel Nicolaus from $68.00 to $69.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the oil and gas producer's stock. Stifel Nicolaus' price objective points to a potential upside of 23.74% from the stock's current price.

A number of other brokerages also recently issued reports on CRC. Barclays initiated coverage on California Resources in a report on Wednesday, April 10th. They issued an "equal weight" rating and a $62.00 price target for the company. Bank of America downgraded California Resources from a "buy" rating to a "neutral" rating and lowered their price target for the company from $64.00 to $60.00 in a report on Friday, January 5th. Mizuho lowered their price target on California Resources from $69.00 to $63.00 and set a "buy" rating for the company in a report on Friday, March 22nd. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $70.00 price objective on shares of California Resources in a research report on Wednesday, March 6th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, California Resources presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.57.

California Resources Stock Up 1.5 %

Shares of CRC stock traded up $0.82 during trading hours on Tuesday, reaching $55.76. 473,743 shares of the stock were exchanged, compared to its average volume of 904,484. The business's fifty day moving average is $54.02 and its two-hundred day moving average is $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.39. California Resources has a 12-month low of $37.21 and a 12-month high of $58.44. The firm has a market capitalization of $3.83 billion, a P/E ratio of 7.22 and a beta of 1.02.

California Resources (NYSE:CRC - Get Free Report) last released its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share for the quarter, missing analysts' consensus estimates of $1.01 by ($0.08). The firm had revenue of $726.00 million for the quarter, compared to analysts' expectations of $553.47 million. California Resources had a return on equity of 17.57% and a net margin of 20.14%. The firm's quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.24 earnings per share. As a group, research analysts expect that California Resources will post 5.99 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in shares of California Resources by 21.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 109,269 shares of the oil and gas producer's stock valued at $6,021,000 after buying an additional 19,485 shares in the last quarter. Hennessy Advisors Inc. increased its position in California Resources by 14.1% during the 1st quarter. Hennessy Advisors Inc. now owns 432,200 shares of the oil and gas producer's stock worth $23,814,000 after purchasing an additional 53,400 shares in the last quarter. Cim LLC purchased a new stake in California Resources during the 4th quarter worth about $494,000. Bridgefront Capital LLC purchased a new stake in California Resources during the 4th quarter worth about $398,000. Finally, Clayton Partners LLC increased its position in California Resources by 3.3% during the 4th quarter. Clayton Partners LLC now owns 127,363 shares of the oil and gas producer's stock worth $6,964,000 after purchasing an additional 4,083 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.