California Resources (NYSE:CRC) Earns Buy Rating from Analysts at Truist Financial

Truist Financial began coverage on shares of California Resources (NYSE:CRC - Get Free Report) in a research note issued to investors on Monday, MarketBeat reports. The brokerage set a "buy" rating and a $75.00 price target on the oil and gas producer's stock. Truist Financial's price objective would suggest a potential upside of 38.05% from the company's current price.

Several other brokerages have also weighed in on CRC. TD Cowen lifted their price objective on California Resources from $65.00 to $74.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. StockNews.com raised shares of California Resources from a "sell" rating to a "hold" rating in a report on Saturday, November 16th. Capital One Financial upgraded shares of California Resources to a "strong-buy" rating in a research report on Monday, December 9th. Stephens started coverage on shares of California Resources in a research report on Tuesday, October 22nd. They set an "overweight" rating and a $73.00 target price on the stock. Finally, UBS Group initiated coverage on California Resources in a research report on Wednesday, October 16th. They issued a "buy" rating and a $68.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, California Resources presently has a consensus rating of "Moderate Buy" and an average target price of $66.83.

California Resources Stock Performance

Shares of California Resources stock traded up $1.60 during trading on Monday, reaching $54.33. The company's stock had a trading volume of 927,215 shares, compared to its average volume of 936,874. The business's fifty day moving average price is $54.92 and its 200-day moving average price is $52.49. California Resources has a one year low of $43.09 and a one year high of $60.41. The firm has a market cap of $4.96 billion, a price-to-earnings ratio of 8.56, a price-to-earnings-growth ratio of 1.35 and a beta of 1.05. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97.

California Resources (NYSE:CRC - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.62. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company's quarterly revenue was up 194.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.02 earnings per share. As a group, equities research analysts predict that California Resources will post 3.58 earnings per share for the current year.

Insider Activity at California Resources

In other California Resources news, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the transaction, the vice president now directly owns 8,531 shares of the company's stock, valued at $475,603.25. The trade was a 50.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Omar Hayat sold 16,016 shares of the 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 directly owns 30,940 shares in the company, valued at $1,707,269.20. The trade was a 34.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On California Resources

Institutional investors have recently made changes to their positions in the company. GSA Capital Partners LLP acquired a new stake in California Resources during the 3rd quarter worth approximately $682,000. Swiss National Bank lifted its holdings in shares of California Resources by 12.7% during the third quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer's stock worth $6,396,000 after buying an additional 13,700 shares in the last quarter. Natixis Advisors LLC bought a new stake in shares of California Resources in the third quarter valued at about $579,000. Geode Capital Management LLC grew its stake in shares of California Resources by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer's stock valued at $83,583,000 after acquiring an additional 55,815 shares in the last quarter. Finally, State Street Corp increased its position in California Resources by 5.1% during the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer's stock worth $181,021,000 after acquiring an additional 168,278 shares during the period. Institutional investors own 97.79% of the company's stock.

California Resources Company Profile

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.