California Resources (NYSE:CRC) Now Covered by Analysts at Stephens

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

Other equities research analysts also recently issued reports about the company. Citigroup boosted 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. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and increased their price target for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Barclays boosted their price objective on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. UBS Group started coverage on California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $65.00 price target on shares of California Resources in a research report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, California Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.67.

California Resources Trading Down 1.7 %

California Resources stock opened at $50.40 on Tuesday. California Resources has a one year low of $43.09 and a one year high of $57.88. The business’s fifty day moving average is $51.36 and its 200 day moving average is $50.89. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.43 and a quick ratio of 2.33. The stock has a market capitalization of $3.45 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 1.27 and a beta of 0.98.

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

Insider Buying and Selling

In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 17,301 shares in the company, valued at $916,953. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Christian S. Kendall acquired 20,895 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was acquired at an average price of $47.97 per share, with a total value of $1,002,333.15. Following the acquisition, the director now directly owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. This trade represents a 500.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, VP Noelle M. Repetti sold 10,000 shares of California Resources 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 sale, the vice president now directly owns 17,301 shares in the company, valued at $916,953. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On California Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lazard Asset Management LLC raised its holdings in shares of California Resources by 3.7% during the 1st quarter. Lazard Asset Management LLC now owns 7,109 shares of the oil and gas producer’s stock worth $390,000 after acquiring an additional 253 shares in the last quarter. GAMMA Investing LLC lifted its position in California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 371 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in shares of California Resources by 1.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock worth $1,719,000 after buying an additional 400 shares in the last quarter. AlphaMark Advisors LLC increased its holdings in shares of California Resources by 10.9% in the 3rd quarter. AlphaMark Advisors LLC now owns 6,658 shares of the oil and gas producer’s stock worth $349,000 after buying an additional 652 shares during the last quarter. Finally, Texas Permanent School Fund Corp raised its position in shares of California Resources by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 56,452 shares of the oil and gas producer’s stock valued at $3,111,000 after buying an additional 738 shares in the last quarter. 97.79% of the stock is owned by 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.