California Resources’ (CRC) Outperform Rating Reiterated at Royal Bank of Canada

California Resources (NYSE:CRC)‘s stock had its “outperform” rating reissued by stock analysts at Royal Bank of Canada in a research report issued on Tuesday,Benzinga reports. They presently have a $70.00 price objective on the oil and gas producer’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 31.04% from the company’s previous close.

A number of other brokerages have also recently weighed in on CRC. Stephens assumed coverage on shares of California Resources in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price objective for the company. StockNews.com raised shares of California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Truist Financial started coverage on shares of California Resources in a research report on Monday. They issued a “buy” rating and a $75.00 target price for the company. Jefferies Financial Group assumed coverage on shares of California Resources in a report on Thursday, October 24th. They set a “buy” rating and a $64.00 price target on the stock. Finally, TD Cowen increased their price target on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $67.25.

California Resources Stock Performance

NYSE CRC traded down $0.84 during trading hours on Tuesday, reaching $53.42. The stock had a trading volume of 118,296 shares, compared to its average volume of 833,658. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.97. California Resources has a 52-week low of $43.09 and a 52-week high of $60.41. The stock has a fifty day moving average of $54.92 and a 200 day moving average of $52.49. The stock has a market cap of $4.88 billion, a P/E ratio of 8.41, a price-to-earnings-growth ratio of 1.35 and a beta of 1.05.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company’s quarterly revenue was up 194.1% on a year-over-year basis. During the same period last year, the company earned $1.02 EPS. Sell-side analysts predict that California Resources will post 3.58 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the transaction, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Noelle M. Repetti sold 8,770 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the sale, the vice president now owns 8,531 shares of the company’s stock, valued at approximately $475,603.25. This trade represents a 50.69 % 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 insiders.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC increased its holdings in shares of California Resources by 22.8% in the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock valued at $62,000 after purchasing an additional 222 shares in the last quarter. Tidal Investments LLC increased its stake in shares of California Resources by 475.8% in the third quarter. Tidal Investments LLC now owns 30,231 shares of the oil and gas producer’s stock worth $1,586,000 after buying an additional 24,981 shares during the last quarter. Geode Capital Management LLC increased its stake in California Resources by 3.6% during the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock valued at $83,583,000 after purchasing an additional 55,815 shares during the last quarter. MML Investors Services LLC boosted its holdings in shares of California Resources by 33.6% during the third quarter. MML Investors Services LLC now owns 7,183 shares of the oil and gas producer’s stock valued at $377,000 after acquiring an additional 1,808 shares during the period. Finally, iA Global Asset Management Inc. lifted its holdings in California Resources by 30.6% in the third quarter. iA Global Asset Management Inc. now owns 4,870 shares of the oil and gas producer’s stock worth $256,000 after purchasing an additional 1,140 shares during the period. 97.79% of the stock is owned by hedge funds and other institutional investors.

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.