California Resources (NYSE:CRC) Coverage Initiated at Stephens

Equities research analysts at Stephens initiated coverage on shares of California Resources (NYSE:CRC) in a research note issued to investors on Tuesday, Briefing.com reports. The brokerage set an “overweight” rating and a $73.00 price target on the oil and gas producer’s stock. Stephens’ price target points to a potential upside of 44.84% from the company’s previous close.

Several other brokerages have also recently issued reports on CRC. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price objective on shares of California Resources in a research note on Monday, August 12th. Barclays lifted their price objective on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. UBS Group initiated coverage on California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price objective for the company. TD Cowen assumed coverage on California Resources in a research note on Friday, August 2nd. They set a “buy” rating and a $65.00 target price on the stock. Finally, Citigroup increased their price target on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $65.67.

California Resources Price Performance

CRC stock opened at $50.40 on Tuesday. The company has a current ratio of 2.43, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. California Resources has a 12 month low of $43.09 and a 12 month high of $57.88. The stock has a market cap of $3.45 billion, a PE ratio of 14.44, a P/E/G ratio of 1.27 and a beta of 0.98. The company has a 50-day moving average price of $51.36 and a 200 day moving average price of $50.89.

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

Insider Activity

In related news, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the completion of the sale, the chief executive officer now owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Francisco Leon sold 7,500 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the completion of the transaction, the chief executive officer now owns 166,357 shares of the company’s stock, valued at $8,181,437.26. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Christian S. Kendall purchased 20,895 shares of the stock in a transaction on Tuesday, August 13th. The stock was acquired at an average cost of $47.97 per share, for a total transaction of $1,002,333.15. Following the completion of the acquisition, the director now owns 24,600 shares of the company’s stock, valued at $1,180,062. The trade was a 500.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

Several hedge funds and other institutional investors have recently bought and sold shares of CRC. GAMMA Investing LLC boosted its position 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. acquired a new stake in California Resources during the second quarter valued at $258,000. Hyperion Capital Advisors LP purchased a new position in California Resources in the first quarter valued at $275,000. AlphaMark Advisors LLC acquired a new position in shares of California Resources in the second quarter worth about $320,000. Finally, Shell Asset Management Co. boosted its stake in shares of California Resources by 99.8% during the 1st quarter. Shell Asset Management Co. now owns 6,311 shares of the oil and gas producer’s stock worth $348,000 after acquiring an additional 3,153 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

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.