California Resources (NYSE:CRC) PT Raised to $57.00 at Barclays

by · The Markets Daily

California Resources (NYSE:CRC – Get Free Report) had its price objective increased by Barclays from $55.00 to $57.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas producer’s stock. Barclays‘s target price would suggest a potential upside of 5.09% from the company’s previous close.

Several other equities research analysts have also issued reports on CRC. Bank of America raised California Resources from a “neutral” rating to a “buy” rating and raised their target price for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. TD Cowen began coverage on shares of California Resources in a research report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 target price on shares of California Resources in a research report on Monday, August 12th. Finally, Citigroup raised their price target on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $64.29.

Get Our Latest Report on California Resources

California Resources Price Performance

CRC stock opened at $54.24 on Thursday. The company has a market capitalization of $3.72 billion, a P/E ratio of 15.54, a price-to-earnings-growth ratio of 1.31 and a beta of 0.98. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.43. California Resources has a 52-week low of $43.09 and a 52-week high of $57.88. The business has a 50-day simple moving average of $50.33 and a two-hundred day simple moving average of $51.10.

California Resources (NYSE:CRC – Get Free Report) last released its earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.36). The business had revenue of $514.00 million during the quarter, compared to the consensus estimate of $477.07 million. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The business’s revenue was down 13.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.53 earnings per share. Research analysts expect that California Resources will post 3.45 EPS for the current fiscal year.

Insider Transactions at California Resources

In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the transaction, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the transaction, the vice president now directly owns 17,301 shares in the company, valued at approximately $916,953. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the transaction, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at approximately $8,181,437.26. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Franklin Resources Inc. raised its holdings in shares of California Resources by 26.7% in the 4th quarter. Franklin Resources Inc. now owns 22,371 shares of the oil and gas producer’s stock valued at $1,223,000 after acquiring an additional 4,720 shares in the last quarter. US Bancorp DE raised its stake in California Resources by 3,737.6% in the fourth quarter. US Bancorp DE now owns 13,585 shares of the oil and gas producer’s stock valued at $743,000 after purchasing an additional 13,231 shares in the last quarter. TD Asset Management Inc bought a new stake in California Resources during the fourth quarter valued at approximately $2,149,000. TFO Wealth Partners LLC lifted its position in California Resources by 67,800.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock valued at $74,000 after purchasing an additional 1,356 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in California Resources by 44.4% in the 4th quarter. First Trust Advisors LP now owns 617,216 shares of the oil and gas producer’s stock worth $33,749,000 after buying an additional 189,675 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

About California Resources

(Get Free Report)

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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