California Resources (NYSE:CRC) Earns Buy Rating from Analysts at TD Cowen

TD Cowen started coverage on shares of California Resources (NYSE:CRC) in a report released on Friday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $65.00 target price on the oil and gas producer’s stock.

Other analysts also recently issued research reports about the stock. Royal Bank of Canada restated an outperform rating and set a $65.00 price objective on shares of California Resources in a research report on Wednesday, June 12th. Citigroup started coverage on shares of California Resources in a research report on Friday, July 19th. They set a buy rating and a $63.00 price objective for the company. Barclays started coverage on shares of California Resources in a research report on Wednesday, April 10th. They set an equal weight rating and a $62.00 price objective for the company. Stifel Nicolaus increased their price target on shares of California Resources from $68.00 to $69.00 and gave the company a buy rating in a report on Tuesday, April 23rd. Finally, Mizuho increased their price target on shares of California Resources from $63.00 to $64.00 and gave the company a buy rating in a report on Monday, May 13th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, California Resources has a consensus rating of Moderate Buy and a consensus target price of $63.00.

California Resources Stock Up 0.2 %

NYSE CRC traded up $0.07 on Friday, hitting $44.07. 776,857 shares of the stock were exchanged, compared to its average volume of 902,019. The company has a quick ratio of 1.29, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. California Resources has a fifty-two week low of $43.18 and a fifty-two week high of $58.44. The company has a market cap of $3.02 billion, a PE ratio of 12.63, a PEG ratio of 0.83 and a beta of 0.98. The company has a 50-day moving average price of $49.90 and a 200-day moving average price of $51.51.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.75 EPS for the quarter, topping the consensus estimate of $0.58 by $0.17. The company had revenue of $454.00 million during the quarter, compared to analysts’ expectations of $490.21 million. California Resources had a net margin of 11.34% and a return on equity of 11.00%. The firm’s revenue was down 55.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.63 EPS. Sell-side analysts anticipate that California Resources will post 4.99 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Mark Allen Mcfarland sold 37,000 shares of California Resources stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $48.10, for a total transaction of $1,779,700.00. Following the sale, the director now owns 104,939 shares in the company, valued at $5,047,565.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in CRC. TFO Wealth Partners LLC increased its stake in California Resources by 67,800.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock valued at $74,000 after purchasing an additional 1,356 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in California Resources by 92.4% in the 4th quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock valued at $82,000 after acquiring an additional 722 shares during the last quarter. Privium Fund Management B.V. acquired a new stake in California Resources during the 2nd quarter worth about $258,000. Hyperion Capital Advisors LP acquired a new stake in California Resources during the 1st quarter worth about $275,000. Finally, Donoghue Forlines LLC acquired a new stake in California Resources during the 4th quarter worth about $282,000. Institutional investors 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.