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

Key Points

• UBS Group has raised its price target for California Resources (CRC) from $63.00 to $70.00, reflecting a potential upside of 24.44% from its current price and maintaining a "buy" rating.
• Recent reports from other analysts include Barclays increasing their target to $66.00 and Citigroup to $47.00, indicating strong interest in the stock with an overall average price target of $65.50.
• California Resources reported a substantial revenue increase of 90.3% year-over-year, with earnings per share of $1.10 for the last quarter, exceeding expectations.

California Resources (NYSE:CRC - Free Report) had its target price upped by UBS Group from $63.00 to $70.00 in a research report released on Tuesday morning, Marketbeat.com reports. UBS Group currently has a buy rating on the oil and gas producer's stock.

Several other equities research analysts have also commented on CRC. Mizuho set a $71.00 price objective on shares of California Resources in a research note on Monday. Barclays increased their price objective on shares of California Resources from $60.00 to $66.00 and gave the company an "overweight" rating in a research note on Tuesday. Bank of America increased their price objective on shares of California Resources from $53.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. upgraded shares of California Resources from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $60.00 to $63.00 in a research note on Tuesday, July 15th. Finally, Citigroup raised their price objective on shares of California Resources from $44.00 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $65.50.

California Resources Stock Down 4.5%

Shares of CRC stock traded down $2.59 on Tuesday, hitting $54.99. The stock had a trading volume of 2,283,786 shares, compared to its average volume of 1,024,145. 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 business has a 50 day moving average of $49.87 and a 200 day moving average of $44.58. California Resources has a 12-month low of $30.97 and a 12-month high of $60.41. The stock has a market cap of $4.60 billion, a price-to-earnings ratio of 7.51 and a beta of 1.16.

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, topping analysts' consensus estimates of $0.91 by $0.19. The business had revenue of $978.00 million during the quarter, compared to the consensus estimate of $820.93 million. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The firm's quarterly revenue was up 90.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.60 EPS. As a group, analysts expect that California Resources will post 3.85 EPS for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Wednesday, August 27th were paid a dividend of $0.3875 per share. The ex-dividend date of this dividend was Wednesday, August 27th. This represents a $1.55 annualized dividend and a yield of 2.8%. California Resources's payout ratio is currently 21.17%.

Hedge Funds Weigh In On California Resources

Several hedge funds have recently bought and sold shares of the company. American Century Companies Inc. grew its stake in California Resources by 10.5% during the second quarter. American Century Companies Inc. now owns 2,846,722 shares of the oil and gas producer's stock valued at $130,010,000 after acquiring an additional 270,562 shares in the last quarter. Sourcerock Group LLC lifted its position in California Resources by 63.8% during the second quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer's stock valued at $91,370,000 after purchasing an additional 779,280 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its position in California Resources by 6.1% during the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,289,479 shares of the oil and gas producer's stock valued at $58,891,000 after purchasing an additional 73,885 shares during the last quarter. Orbis Allan Gray Ltd lifted its position in California Resources by 3.0% during the first 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 purchasing an additional 34,593 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in California Resources by 4.4% during the first quarter. Victory Capital Management Inc. now owns 1,063,905 shares of the oil and gas producer's stock valued at $46,780,000 after purchasing an additional 44,938 shares during the last quarter. Hedge funds and other institutional investors 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.