California Resources’ (CRC) “Outperform” Rating Reaffirmed at Royal Bank of Canada

California Resources (NYSE:CRC)‘s stock had its “outperform” rating restated by analysts at Royal Bank of Canada in a report released on Thursday,Benzinga reports. They currently have a $68.00 price target on the oil and gas producer’s stock. Royal Bank of Canada’s price objective points to a potential upside of 55.26% from the stock’s current price.

Several other research firms have also recently commented on CRC. Capital One Financial raised shares of California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Truist Financial assumed coverage on California Resources in a research note on Monday, January 13th. They issued a “buy” rating and a $75.00 price target on the stock. Barclays reduced their price objective on California Resources from $57.00 to $55.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. began coverage on California Resources in a research report on Friday, December 20th. They issued a “neutral” rating and a $63.00 target price on the stock. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $66.92.

California Resources Trading Down 1.0 %

NYSE CRC opened at $43.80 on Thursday. California Resources has a one year low of $38.02 and a one year high of $60.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The firm has a market cap of $3.97 billion, a P/E ratio of 6.90, a P/E/G ratio of 1.02 and a beta of 1.06. The stock’s 50-day moving average is $46.42 and its 200-day moving average is $51.14.

California Resources (NYSE:CRC) last announced its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.05). The company had revenue of $877.00 million for the quarter, compared to analyst estimates of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. Sell-side analysts anticipate that California Resources will post 3.85 earnings per share for the current fiscal year.

Insider Activity at California Resources

In other news, Director James N. Chapman bought 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was acquired at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the purchase, the director now owns 43,445 shares of the company’s stock, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.03% of the stock is owned by company insiders.

Hedge Funds Weigh In On California Resources

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of California Resources by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after acquiring an additional 55,815 shares during the period. Natixis Advisors LLC acquired a new stake in California Resources during the 3rd quarter valued at $579,000. State Street Corp lifted its holdings in California Resources by 5.1% during the 3rd 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 last quarter. Charles Schwab Investment Management Inc. boosted its position in California Resources by 8.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock worth $51,116,000 after purchasing an additional 75,606 shares during the period. Finally, Citigroup Inc. increased its holdings in shares of California Resources by 24.7% in the third quarter. Citigroup Inc. now owns 113,038 shares of the oil and gas producer’s stock valued at $5,931,000 after purchasing an additional 22,405 shares during the last quarter. Institutional investors and hedge funds 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.