Mizuho Increases California Resources (NYSE:CRC) Price Target to $61.00

California Resources (NYSE:CRC) had its price target hoisted by Mizuho from $60.00 to $61.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the oil and gas producer’s stock. Mizuho’s target price points to a potential upside of 29.59% from the company’s current price.

Several other equities research analysts have also recently commented on the stock. Truist Financial raised shares of California Resources to a “strong-buy” rating in a research report on Tuesday, May 6th. Roth Capital reaffirmed a “buy” rating on shares of California Resources in a research report on Wednesday, May 7th. Wall Street Zen downgraded California Resources from a “buy” rating to a “hold” rating in a research report on Sunday, June 29th. Royal Bank Of Canada lowered their price target on shares of California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, April 11th. Finally, UBS Group set a $58.00 price objective on California Resources and gave the company a “buy” rating in a report on Monday. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $62.00.

California Resources Price Performance

CRC opened at $47.07 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.74 and a current ratio of 0.83. California Resources has a 52 week low of $30.97 and a 52 week high of $60.41. The company has a fifty day moving average price of $44.84 and a two-hundred day moving average price of $44.45. The firm has a market capitalization of $4.20 billion, a PE ratio of 8.54 and a beta of 1.16.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.24. The business had revenue of $912.00 million for the quarter, compared to analysts’ expectations of $862.14 million. California Resources had a return on equity of 11.45% and a net margin of 13.70%. California Resources’s revenue for the quarter was up 100.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.75 EPS. As a group, analysts anticipate that California Resources will post 3.85 earnings per share for the current year.

Hedge Funds Weigh In On California Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC acquired a new position in California Resources in the second quarter valued at $624,000. Pallas Capital Advisors LLC bought a new position in shares of California Resources in the second quarter valued at $362,000. Voya Investment Management LLC boosted its stake in California Resources by 27.6% during the 1st quarter. Voya Investment Management LLC now owns 52,384 shares of the oil and gas producer’s stock valued at $2,303,000 after purchasing an additional 11,336 shares during the last quarter. Strs Ohio purchased a new position in shares of California Resources during the first quarter valued at approximately $106,000. Finally, Intech Investment Management LLC grew its stake in shares of California Resources by 17.7% in the 1st quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock worth $1,401,000 after acquiring an additional 4,783 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

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.