UBS Group Raises California Resources (NYSE:CRC) Price Target to $82.00

Key Points

• UBS raised its price target to $82.00 (from $81) and maintained a Buy rating, implying roughly a 25.7% upside from the current share price.
• The analyst consensus remains a Buy with an average price target of $71.20, while CRC traded at $65.24 (market cap ~$5.79B, P/E ~16).
• In the latest quarter CRC missed EPS ($0.47 vs. $0.49 est.) but beat on revenue ($924M, up 5.4% y/y); analysts expect about $3.85 EPS for the current year.

California Resources (NYSE:CRC - Get Free Report) had its price objective boosted by research analysts at UBS Group from $81.00 to $82.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the oil and gas producer's stock. UBS Group's price target suggests a potential upside of 25.69% from the company's current price.

CRC has been the subject of several other reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of California Resources in a research report on Wednesday, January 21st. Citigroup upped their price objective on California Resources from $67.00 to $74.00 and gave the stock a "neutral" rating in a research report on Monday, March 30th. Royal Bank Of Canada set a $70.00 price objective on California Resources in a research report on Monday, January 5th. Pickering Energy Partners cut California Resources from an "outperform" rating to a "neutral" rating in a research report on Friday, January 9th. Finally, Wall Street Zen raised California Resources from a "sell" rating to a "hold" rating in a research report on Monday, April 6th. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $71.20.

California Resources Stock Down 2.0%

NYSE CRC traded down $1.31 during trading hours on Monday, hitting $65.24. 1,026,418 shares of the company were exchanged, compared to its average volume of 999,758. The company has a 50 day moving average of $61.68 and a two-hundred day moving average of $52.72. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 0.35. California Resources has a 52-week low of $33.69 and a 52-week high of $71.98. The firm has a market cap of $5.79 billion, a price-to-earnings ratio of 15.99 and a beta of 1.04.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). The company had revenue of $924.00 million for the quarter, compared to analysts' expectations of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.California Resources's revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.91 EPS. Equities research analysts anticipate that California Resources will post 3.85 earnings per share for the current year.

Insider Transactions at California Resources

In related news, COO Omar Hayat sold 23,000 shares of the company's stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $65.87, for a total value of $1,515,010.00. Following the completion of the sale, the chief operating officer directly owned 82,236 shares of the company's stock, valued at $5,416,885.32. This represents a 21.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Noelle M. Repetti sold 8,564 shares of the company's stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $63.71, for a total value of $545,612.44. Following the completion of the sale, the vice president directly owned 7,684 shares of the company's stock, valued at approximately $489,547.64. This trade represents a 52.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 72,283 shares of company stock valued at $4,636,646 in the last 90 days. Company insiders own 0.53% of the company's stock.

Institutional Trading of California Resources

A number of large investors have recently made changes to their positions in the company. American Century Companies Inc. lifted its position in California Resources by 5.6% during the 3rd quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer's stock worth $159,882,000 after acquiring an additional 159,708 shares during the period. Principal Financial Group Inc. lifted its position in California Resources by 23.9% during the 3rd quarter. Principal Financial Group Inc. now owns 468,669 shares of the oil and gas producer's stock worth $24,924,000 after acquiring an additional 90,466 shares during the period. Channing Capital Management LLC acquired a new stake in California Resources during the 3rd quarter worth approximately $6,205,000. Clayton Partners LLC lifted its position in California Resources by 35.2% during the 3rd quarter. Clayton Partners LLC now owns 136,100 shares of the oil and gas producer's stock worth $7,238,000 after acquiring an additional 35,461 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. acquired a new stake in California Resources during the 3rd quarter worth approximately $2,200,000. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Company Profile

California Resources Corporation NYSE: CRC is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC's operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.

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