California Resources (NYSE:CRC) PT Set at $58.00 by UBS Group

California Resources (NYSE:CRC) has been assigned a $58.00 price objective by equities research analysts at UBS Group in a report released on Monday, Marketbeat reports. The firm presently has a “buy” rating on the oil and gas producer’s stock. UBS Group’s target price would suggest a potential upside of 23.22% from the stock’s current price.

CRC has been the subject of several other research reports. Barclays raised shares of California Resources from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $50.00 to $60.00 in a research report on Friday, May 30th. Wall Street Zen lowered shares of California Resources from a “buy” rating to a “hold” rating in a report on Sunday, June 29th. Citigroup lifted their price target on shares of California Resources from $36.00 to $44.00 and gave the company a “neutral” rating in a report on Monday, May 19th. Royal Bank Of Canada reduced their price objective on shares of California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, April 11th. Finally, Roth Capital restated a “buy” rating on shares of California Resources in a research report on Wednesday, May 7th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $62.00.

California Resources Stock Performance

California Resources stock opened at $47.07 on Monday. California Resources has a twelve month low of $30.97 and a twelve month high of $60.41. The company has a market capitalization of $4.20 billion, a P/E ratio of 8.54 and a beta of 1.16. The stock’s 50 day moving average is $44.84 and its 200 day moving average is $44.45. The company has a quick ratio of 0.74, a current ratio of 0.83 and a debt-to-equity ratio of 0.25.

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 for the quarter, topping analysts’ consensus estimates of $0.83 by $0.24. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The company had revenue of $912.00 million during the quarter, compared to analyst estimates of $862.14 million. During the same period in the previous year, the business earned $0.75 EPS. The firm’s revenue for the quarter was up 100.9% on a year-over-year basis. On average, equities research analysts predict that California Resources will post 3.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On California Resources

Hedge funds have recently made changes to their positions in the company. Larson Financial Group LLC raised its holdings 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 worth $28,000 after acquiring an additional 466 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in California Resources by 68.8% in the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock worth $34,000 after purchasing an additional 316 shares during the last quarter. Lazard Asset Management LLC raised its stake in California Resources by 52,366.7% during the fourth quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer’s stock valued at $81,000 after purchasing an additional 1,571 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in California Resources during the first quarter valued at $79,000. Finally, Sterling Capital Management LLC lifted its position in California Resources by 833.2% during the fourth quarter. Sterling Capital Management LLC now owns 2,221 shares of the oil and gas producer’s stock valued at $115,000 after purchasing an additional 1,983 shares during the last quarter. 97.79% of the stock is currently owned by hedge funds and other 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.