Stephens Initiates Coverage on California Resources (NYSE:CRC)

Analysts at Stephens began coverage on shares of California Resources (NYSE:CRC - Get Free Report) in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage set an "overweight" rating and a $73.00 price target on the oil and gas producer's stock. Stephens' target price suggests a potential upside of 36.55% from the stock's current price.

A number of other equities analysts have also recently weighed in on CRC. Bank of America raised California Resources from a "neutral" rating to a "buy" rating and raised their price objective for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. Citigroup boosted their price objective on shares of California Resources from $63.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, September 5th. Barclays upped their price objective on shares of California Resources from $55.00 to $57.00 and gave the company an "equal weight" rating in a research note on Thursday, October 3rd. TD Cowen initiated coverage on shares of California Resources in a research report on Friday, August 2nd. They issued a "buy" rating and a $65.00 target price on the stock. Finally, UBS Group initiated coverage on shares of California Resources in a research report on Wednesday, October 16th. They set a "buy" rating and a $68.00 price target for the company. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $65.67.

California Resources Price Performance

Shares of NYSE:CRC traded up $3.05 during trading on Tuesday, reaching $53.46. The company had a trading volume of 977,047 shares, compared to its average volume of 866,576. The company has a fifty day moving average of $51.36 and a two-hundred day moving average of $50.89. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $3.66 billion, a P/E ratio of 15.32, a price-to-earnings-growth ratio of 1.27 and a beta of 0.98. California Resources has a 12 month low of $43.09 and a 12 month high of $57.88.

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

Insider Activity at California Resources

In other California Resources news, Director Christian S. Kendall bought 20,895 shares of the firm's stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the acquisition, the director now directly owns 24,600 shares in the company, valued at $1,180,062. The trade was a 500.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 stock was 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 owns 17,301 shares in the company, valued at $916,953. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Christian S. Kendall purchased 20,895 shares of the company's stock in a transaction that occurred on Tuesday, August 13th. The shares were purchased at an average price of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the transaction, the director now directly owns 24,600 shares of the company's stock, valued at $1,180,062. This represents a 500.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.03% of the stock is owned by company insiders.

Institutional Trading of California Resources

A number of hedge funds have recently modified their holdings of CRC. Hennessy Advisors Inc. lifted its position in California Resources by 14.1% during the 1st quarter. Hennessy Advisors Inc. now owns 432,200 shares of the oil and gas producer's stock valued at $23,814,000 after acquiring an additional 53,400 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of California Resources by 21.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 109,269 shares of the oil and gas producer's stock worth $6,021,000 after purchasing an additional 19,485 shares in the last quarter. DAVENPORT & Co LLC grew its stake in shares of California Resources by 49.1% in the 1st quarter. DAVENPORT & Co LLC now owns 627,553 shares of the oil and gas producer's stock worth $34,472,000 after buying an additional 206,607 shares during the last quarter. Texas Permanent School Fund Corp grew its stake in shares of California Resources by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 56,452 shares of the oil and gas producer's stock worth $3,111,000 after buying an additional 738 shares during the last quarter. Finally, Empowered Funds LLC increased its position in California Resources by 879.4% during the 1st quarter. Empowered Funds LLC now owns 143,051 shares of the oil and gas producer's stock valued at $7,882,000 after buying an additional 128,445 shares in the last quarter. 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.