Barclays Has Lowered Expectations for California Resources (NYSE:CRC) Stock Price

California Resources (NYSE:CRC - Get Free Report) had its target price decreased by investment analysts at Barclays from $57.00 to $55.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the oil and gas producer's stock. Barclays's price target points to a potential upside of 40.50% from the stock's previous close.

CRC has been the topic of a number of other research reports. StockNews.com upgraded shares of California Resources from a "sell" rating to a "hold" rating in a research note on Saturday, November 16th. JPMorgan Chase & Co. initiated coverage on California Resources in a research note on Friday, December 20th. They issued a "neutral" rating and a $63.00 price objective for the company. Capital One Financial raised California Resources to a "strong-buy" rating in a research note on Monday, December 9th. TD Cowen upped their price target on California Resources from $65.00 to $74.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Finally, Truist Financial assumed coverage on shares of California Resources in a report on Monday, January 13th. They set a "buy" rating and a $75.00 price objective for the company. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $67.08.

California Resources Stock Performance

NYSE:CRC opened at $39.15 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. The stock has a 50-day simple moving average of $49.77 and a two-hundred day simple moving average of $52.12. The firm has a market capitalization of $3.58 billion, a PE ratio of 6.16, a P/E/G ratio of 1.02 and a beta of 1.06. California Resources has a 52-week low of $38.02 and a 52-week high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last announced its quarterly earnings data on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.96 by ($0.05). California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $877.00 million for the quarter, compared to the consensus estimate of $901.36 million. Analysts forecast that California Resources will post 3.85 EPS for the current year.

Insider Transactions at California Resources

In other news, EVP Omar Hayat sold 16,016 shares of the firm's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the completion of the sale, the executive vice president now owns 30,940 shares in the company, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.03% of the company's stock.

Hedge Funds Weigh In On California Resources

Hedge funds have recently added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of California Resources during the fourth quarter valued at approximately $1,475,000. GF Fund Management CO. LTD. bought a new stake in shares of California Resources during the 4th quarter worth approximately $1,145,000. GTS Securities LLC purchased a new position in California Resources during the 4th quarter valued at $669,000. Sourcerock Group LLC grew its position in California Resources by 6.5% in the 4th quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer's stock valued at $56,298,000 after acquiring an additional 65,981 shares during the last quarter. Finally, Squarepoint Ops LLC increased its stake in California Resources by 22.5% in the fourth quarter. Squarepoint Ops LLC now owns 25,297 shares of the oil and gas producer's stock worth $1,313,000 after purchasing an additional 4,647 shares during the period. 97.79% of the stock is currently owned by institutional investors.

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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