TD Cowen Boosts California Resources (NYSE:CRC) Price Target to $74.00

California Resources (NYSE:CRC) had its target price boosted by stock analysts at TD Cowen from $65.00 to $74.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the oil and gas producer’s stock. TD Cowen’s price objective would indicate a potential upside of 27.74% from the company’s current price.

A number of other research firms have also recently commented on CRC. Barclays upped their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. Stephens started coverage on shares of California Resources in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price target for the company. UBS Group started coverage on California Resources in a research note on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price objective on the stock. Citigroup lifted their price objective on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Finally, Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $57.00 to $65.00 in a research note on Wednesday, August 21st. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.40.

California Resources Trading Down 0.2 %

Shares of CRC stock traded down $0.12 during trading hours on Tuesday, reaching $57.93. 116,990 shares of the stock were exchanged, compared to its average volume of 839,964. The firm has a market capitalization of $3.93 billion, a price-to-earnings ratio of 9.12, a price-to-earnings-growth ratio of 1.48 and a beta of 0.98. California Resources has a 12-month low of $43.09 and a 12-month high of $60.41. The company’s 50-day moving average price is $54.00 and its 200-day moving average price is $51.15. 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 issued its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. During the same period in the prior year, the business posted $1.02 earnings per share. The company’s revenue for the quarter was up 194.1% on a year-over-year basis. As a group, equities analysts anticipate that California Resources will post 3.42 earnings per share for the current year.

Insider Activity

In other news, VP Noelle M. Repetti sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the transaction, the vice president now directly owns 17,301 shares in the company, valued at $916,953. This trade represents a 36.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 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. This trade represents a 4.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,270 shares of company stock worth $1,387,778. Insiders own 0.63% of the company’s stock.

Institutional Trading of California Resources

Several institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC raised its holdings in shares of California Resources by 61.5% during the third 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 during the last quarter. Point72 DIFC Ltd acquired a new stake in California Resources during the 3rd quarter worth about $70,000. KBC Group NV lifted its holdings in shares of California Resources by 29.1% in the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after buying an additional 431 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of California Resources by 9.4% in the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after buying an additional 276 shares during the last quarter. Finally, Atria Investments Inc acquired a new stake in California Resources during the third quarter worth about $209,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

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.