California Resources (NYSE:CRC) Now Covered by Analysts at Jefferies Financial Group

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

Several other brokerages have also issued reports on CRC. Stephens initiated coverage on California Resources in a research report on Tuesday. They set an “overweight” rating and a $73.00 target price for the company. Citigroup raised their price objective on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and increased their target price for the company from $57.00 to $65.00 in a research 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. Finally, Barclays increased their price objective on California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and a consensus price target of $65.50.

California Resources Stock Down 1.6 %

CRC opened at $52.59 on Thursday. California Resources has a fifty-two week low of $43.09 and a fifty-two week high of $57.88. 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 company’s 50-day moving average is $51.46 and its 200 day moving average is $50.88. The firm has a market capitalization of $3.60 billion, a P/E ratio of 15.07, a PEG ratio of 1.27 and a beta of 0.98.

California Resources (NYSE:CRC) last released 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 during the quarter, compared to the consensus estimate of $477.07 million. California Resources had a net margin of 7.61% and a return on equity of 11.27%. The business’s revenue was down 13.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.53 earnings per share. Research analysts expect that California Resources will post 3.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Christian S. Kendall bought 20,895 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were 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 owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. The trade was a 500.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In other California Resources news, Director Christian S. Kendall acquired 20,895 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average price of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the purchase, the director now owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. This represents a 500.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Francisco Leon sold 7,500 shares of the company’s 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 completion of the transaction, the chief executive officer now owns 166,357 shares in the company, valued at $8,181,437.26. This 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 owned by corporate insiders.

Institutional Investors Weigh In On California Resources

Several hedge funds have recently bought and sold shares of the stock. Point72 Asset Management L.P. increased its holdings in shares of California Resources by 2,615.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer’s stock worth $44,865,000 after buying an additional 811,963 shares during the last quarter. Samlyn Capital LLC bought a new position in California Resources in the second quarter valued at $28,566,000. Vanguard Group Inc. raised its position in California Resources by 4.4% during the first quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock valued at $446,326,000 after purchasing an additional 344,043 shares in the last quarter. American Century Companies Inc. lifted its stake in California Resources by 18.1% during the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock worth $86,825,000 after purchasing an additional 250,367 shares during the last quarter. Finally, SIR Capital Management L.P. purchased a new position in shares of California Resources in the 2nd quarter worth about $11,820,000. 97.79% of the stock is currently 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.