Royal Bank of Canada Reaffirms Outperform Rating for California Resources (NYSE:CRC)

California Resources (NYSE:CRC - Get Free Report)'s stock had its "outperform" rating reiterated by Royal Bank of Canada in a report issued on Tuesday,Benzinga reports. They currently have a $70.00 price objective on the oil and gas producer's stock. Royal Bank of Canada's price objective suggests a potential upside of 30.04% from the company's previous close.

A number of other research firms also recently commented on CRC. Jefferies Financial Group began coverage on shares of California Resources in a research report on Thursday, October 24th. They issued a "buy" rating and a $64.00 target price on the stock. Stephens assumed coverage on California Resources in a research report on Tuesday, October 22nd. They set an "overweight" rating and a $73.00 target price on the stock. UBS Group began coverage on California Resources in a research note on Wednesday, October 16th. They issued a "buy" rating and a $68.00 price objective for the company. Barclays raised their target price on shares of California Resources from $55.00 to $57.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 3rd. Finally, StockNews.com upgraded shares of California Resources from a "sell" rating to a "hold" rating in a research note on Saturday, November 16th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $67.25.

California Resources Stock Down 0.8 %

California Resources stock traded down $0.43 during midday trading on Tuesday, reaching $53.83. The company's stock had a trading volume of 918,996 shares, compared to its average volume of 925,125. California Resources has a fifty-two week low of $43.09 and a fifty-two week high of $60.41. The company has a market cap of $4.92 billion, a P/E ratio of 8.48, a P/E/G ratio of 1.35 and a beta of 1.05. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The business has a 50-day simple moving average of $54.92 and a 200-day simple moving average of $52.49.

California Resources (NYSE:CRC - Get Free Report) last posted its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.62. The firm had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm's revenue was up 194.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.02 earnings per share. On average, research analysts expect that California Resources will post 3.58 earnings per share for the current fiscal year.

Insider Activity

In other California Resources news, EVP Omar Hayat sold 16,016 shares of California Resources stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the transaction, the executive vice president now owns 30,940 shares in the company, valued at approximately $1,707,269.20. The trade was a 34.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the sale, the vice president now owns 8,531 shares in the company, valued at approximately $475,603.25. This trade represents a 50.69 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.03% of the company's stock.

Institutional Investors Weigh In On California Resources

Several hedge funds have recently made changes to their positions in CRC. Point72 Asset Management L.P. increased its stake in California Resources by 2,615.2% in the second quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer's stock valued at $44,865,000 after purchasing an additional 811,963 shares during the last quarter. Samlyn Capital LLC purchased a new position in shares of California Resources during the 2nd quarter worth about $28,566,000. Weiss Asset Management LP acquired a new stake in shares of California Resources in the third quarter worth approximately $28,043,000. State Street Corp grew its holdings in California Resources by 5.1% in the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer's stock valued at $181,021,000 after purchasing an additional 168,278 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in California Resources by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,576,306 shares of the oil and gas producer's stock worth $190,328,000 after purchasing an additional 165,629 shares during the last quarter. 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.