StockNews.com Upgrades California Resources (NYSE:CRC) to “Buy”

California Resources (NYSE:CRC) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Monday.

Several other equities analysts have also recently weighed in on CRC. Truist Financial upgraded California Resources to a “strong-buy” rating in a research report on Tuesday, May 6th. Roth Capital reiterated a “buy” rating on shares of California Resources in a research report on Wednesday, May 7th. UBS Group lifted their price target on California Resources from $49.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Barclays lifted their price target on California Resources from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday, May 9th. Finally, Citigroup downgraded shares of California Resources from a “buy” rating to a “neutral” rating and cut their price target for the company from $62.00 to $36.00 in a report on Monday, April 7th. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.64.

California Resources Trading Up 3.9%

Shares of California Resources stock opened at $43.81 on Monday. California Resources has a 52-week low of $30.97 and a 52-week high of $60.41. The stock’s 50-day simple moving average is $38.95 and its 200 day simple moving average is $47.56. The stock has a market capitalization of $3.91 billion, a P/E ratio of 6.90, a P/E/G ratio of 1.02 and a beta of 1.06. 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 (NYSE:CRC) last announced its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.24. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $912.00 million for the quarter, compared to analysts’ expectations of $862.14 million. During the same period in the previous year, the business posted $0.75 EPS. The firm’s quarterly revenue was up 100.9% compared to the same quarter last year. As a group, research analysts anticipate that California Resources will post 3.85 EPS for the current year.

Insider Activity at California Resources

In other news, Director James N. Chapman acquired 2,000 shares of California Resources stock in a transaction dated Wednesday, March 5th. The shares were purchased at an average cost of $39.42 per share, for a total transaction of $78,840.00. Following the transaction, the director now owns 43,445 shares of the company’s stock, valued at $1,712,601.90. This trade represents a 4.83% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.03% of the stock is currently owned by insiders.

Hedge Funds Weigh In On California Resources

Institutional investors have recently modified their holdings of the company. Larson Financial Group LLC increased its position in shares of California Resources by 269.4% during the 1st quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 466 shares during the last quarter. R Squared Ltd bought a new position in California Resources during the 4th quarter worth approximately $31,000. Harbor Capital Advisors Inc. grew its position in California Resources by 68.8% during the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock worth $34,000 after acquiring an additional 316 shares during the last quarter. Smartleaf Asset Management LLC grew its position in California Resources by 331.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock worth $53,000 after acquiring an additional 812 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in California Resources by 71.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock worth $56,000 after acquiring an additional 454 shares during the last quarter. 97.79% of the stock is currently owned by 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.