California Resources (NYSE:CRC) Given Outperform Rating at Royal Bank of Canada

California Resources (NYSE:CRC - Get Free Report)'s stock had its "outperform" rating reaffirmed by equities research analysts at Royal Bank of Canada in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $68.00 price objective on the oil and gas producer's stock. Royal Bank of Canada's price objective indicates a potential upside of 55.04% from the stock's current price.

Other equities research analysts have also issued reports about the company. Truist Financial began coverage on California Resources in a research report on Monday, January 13th. They set a "buy" rating and a $75.00 price objective for the company. Barclays lowered their target price on shares of California Resources from $57.00 to $55.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. JPMorgan Chase & Co. assumed coverage on California Resources in a research report on Friday, December 20th. They issued a "neutral" rating and a $63.00 price objective for the company. Finally, Capital One Financial upgraded shares of California Resources to a "strong-buy" rating in a research note on Monday, December 9th. 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 company. Based on data from MarketBeat, California Resources presently has an average rating of "Moderate Buy" and an average price target of $66.92.

California Resources Trading Up 0.1 %

CRC traded up $0.03 during trading on Thursday, reaching $43.86. The company had a trading volume of 163,501 shares, compared to its average volume of 833,090. The firm's 50-day simple moving average is $46.42 and its 200 day simple moving average is $51.18. 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 company has a market cap of $3.98 billion, a price-to-earnings ratio of 6.89, a PEG ratio of 1.02 and a beta of 1.06. California Resources has a 12-month low of $38.02 and a 12-month high of $60.41.

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

Insider Activity

In related news, Director James N. Chapman purchased 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was acquired at an average price of $39.42 per share, with a total value of $78,840.00. Following the completion of the acquisition, the director now directly owns 43,445 shares in the company, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.03% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Natixis Advisors LLC bought a new position in California Resources in the third quarter valued at about $579,000. Intech Investment Management LLC acquired a new position in California Resources during the 3rd quarter valued at about $902,000. Charles Schwab Investment Management Inc. boosted its stake in shares of California Resources by 8.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer's stock valued at $51,116,000 after purchasing an additional 75,606 shares during the last quarter. Citigroup Inc. grew its position in shares of California Resources by 24.7% during the 3rd quarter. Citigroup Inc. now owns 113,038 shares of the oil and gas producer's stock worth $5,931,000 after buying an additional 22,405 shares during the period. Finally, Townsquare Capital LLC grew its holdings in California Resources by 94.1% during the 3rd quarter. Townsquare Capital LLC now owns 9,765 shares of the oil and gas producer's stock worth $512,000 after acquiring an additional 4,735 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.