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

Equities research analysts at Jefferies Financial Group assumed coverage on shares of California Resources (NYSE:CRC) in a research report issued to clients and investors on Thursday, Briefing.com reports. The brokerage set a “buy” rating and a $64.00 price target on the oil and gas producer’s stock. Jefferies Financial Group’s price target would suggest a potential upside of 21.70% from the company’s previous close.

CRC has been the subject of a number of other research reports. UBS Group began coverage on California Resources in a research note on Wednesday, October 16th. They set a “buy” rating and a $68.00 price objective for the company. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and upped their price target for the company from $57.00 to $65.00 in a report on Wednesday, August 21st. TD Cowen initiated coverage on shares of California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price target on the stock. Stephens began coverage on shares of California Resources in a research note on Tuesday. They set an “overweight” rating and a $73.00 price objective for the company. Finally, Citigroup raised their target price on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $65.50.

California Resources Price Performance

Shares of NYSE:CRC opened at $52.59 on Thursday. The company’s fifty day moving average is $51.46 and its 200 day moving average is $50.88. The company has a quick ratio of 2.33, a current ratio of 2.43 and a debt-to-equity ratio of 0.57. California Resources has a 52 week low of $43.09 and a 52 week high of $57.88. The stock has a market cap of $3.60 billion, a PE ratio of 15.07, a PEG ratio of 1.27 and a beta of 0.98.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.36). The company had revenue of $514.00 million during the quarter, compared to analysts’ expectations of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The firm’s quarterly revenue was down 13.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.53 EPS. Research analysts anticipate that California Resources will post 3.45 earnings per share for the current year.

Insider Activity

In related news, VP Noelle M. Repetti sold 10,000 shares of the company’s stock in a transaction 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 sale, the vice president now directly owns 17,301 shares of the company’s stock, valued at $916,953. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Francisco Leon sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total value of $368,850.00. Following the sale, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the transaction, the vice president now directly owns 17,301 shares of the company’s stock, valued at approximately $916,953. This trade represents a 0.00 % decrease in their position. 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 modified their holdings of the stock. GAMMA Investing LLC boosted its stake in California Resources by 61.5% in the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 371 shares in the last quarter. Privium Fund Management B.V. bought a new position in shares of California Resources in the second quarter worth approximately $258,000. Hyperion Capital Advisors LP purchased a new stake in shares of California Resources during the first quarter valued at approximately $275,000. AlphaMark Advisors LLC bought a new stake in shares of California Resources during the second quarter valued at approximately $320,000. Finally, Bfsg LLC raised its holdings in California Resources by 15.4% in the 2nd quarter. Bfsg LLC now owns 6,379 shares of the oil and gas producer’s stock worth $339,000 after acquiring an additional 851 shares during the last quarter. 97.79% of the stock is owned by hedge funds and other 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.