Barclays Lowers California Resources (NYSE:CRC) Price Target to $55.00

California Resources (NYSE:CRC) had its target price reduced by research 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 target price indicates a potential upside of 34.52% from the stock’s current price.

A number of other research firms have also recently commented on CRC. JPMorgan Chase & Co. assumed coverage on shares of California Resources in a research note on Friday, December 20th. They issued a “neutral” rating and a $63.00 price target for the company. StockNews.com raised shares of California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. TD Cowen boosted their price target on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Truist Financial began coverage on shares of California Resources in a research note on Monday, January 13th. They issued a “buy” rating and a $75.00 price target for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of California Resources in a research note on Tuesday, January 14th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.08.

California Resources Price Performance

Shares of NYSE:CRC opened at $40.89 on Wednesday. The company has a 50 day moving average of $49.34 and a 200 day moving average of $51.96. The stock has a market cap of $3.74 billion, a P/E ratio of 6.44, a P/E/G 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. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company had revenue of $877.00 million during the quarter, compared to analysts’ expectations of $901.36 million. As a group, sell-side analysts forecast that California Resources will post 3.85 EPS for the current fiscal year.

Insider Activity at California Resources

In related news, EVP Omar Hayat sold 16,016 shares of the company’s stock in a transaction on 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 sale, the executive vice president now directly owns 30,940 shares in the company, valued at $1,707,269.20. This represents a 34.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director James N. Chapman purchased 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were purchased 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 $1,712,601.90. The trade was a 4.83 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.03% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in California Resources by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer’s stock worth $484,953,000 after purchasing an additional 225,620 shares in the last quarter. First Trust Advisors LP raised its holdings in California Resources by 14.2% in the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock worth $353,800,000 after purchasing an additional 845,694 shares in the last quarter. State Street Corp raised its holdings in California Resources by 5.1% in the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock worth $181,021,000 after purchasing an additional 168,278 shares in the last quarter. American Century Companies Inc. raised its holdings in California Resources by 14.2% in the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer’s stock worth $120,785,000 after purchasing an additional 290,263 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in California Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer’s stock worth $83,344,000 after purchasing an additional 13,116 shares in the last quarter. 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.