UBS Group Increases California Resources (NYSE:CRC) Price Target to $70.00

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 - Get Free Report) had its target price upped by stock analysts at UBS Group from $63.00 to $70.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the oil and gas producer's stock. UBS Group's price objective indicates a potential upside of 24.44% from the company's current price.

CRC has been the topic of a number of other reports. Barclays boosted their price target on shares of California Resources from $60.00 to $66.00 and gave the company an "overweight" rating in a research note on Tuesday. Citigroup boosted their price target on shares of California Resources from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. JPMorgan Chase & Co. raised shares of California Resources from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $60.00 to $63.00 in a research note on Tuesday, July 15th. Wall Street Zen cut shares of California Resources from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. Finally, Bank of America lifted their price objective on shares of California Resources from $53.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, California Resources currently has an average rating of "Buy" and an average target price of $65.50.

California Resources Trading Up 6.1%

NYSE:CRC opened at $56.25 on Tuesday. California Resources has a 52 week low of $30.97 and a 52 week high of $60.41. The firm has a 50 day moving average of $49.16 and a 200 day moving average of $44.17. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $4.71 billion, a price-to-earnings ratio of 7.68 and a beta of 1.16.

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

Hedge Funds Weigh In On California Resources

Hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its holdings in California Resources by 2.1% in the first quarter. Principal Financial Group Inc. now owns 384,200 shares of the oil and gas producer's stock worth $16,893,000 after purchasing an additional 8,047 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of California Resources by 50.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,211 shares of the oil and gas producer's stock valued at $463,000 after acquiring an additional 3,436 shares during the period. New York State Teachers Retirement System boosted its holdings in shares of California Resources by 1.4% during the first quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer's stock valued at $967,000 after acquiring an additional 300 shares during the period. KBC Group NV boosted its holdings in shares of California Resources by 41.3% during the first quarter. KBC Group NV now owns 3,569 shares of the oil and gas producer's stock valued at $157,000 after acquiring an additional 1,043 shares during the period. Finally, Crossmark Global Holdings Inc. boosted its holdings in shares of California Resources by 17.4% during the first quarter. Crossmark Global Holdings Inc. now owns 4,823 shares of the oil and gas producer's stock valued at $212,000 after acquiring an additional 716 shares during the period. 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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