California Resources (NYSE:CRC) Stock Price Expected to Rise, Barclays Analyst Says

California Resources (NYSE:CRC) had its price objective hoisted by analysts at Barclays from $72.00 to $80.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas producer’s stock. Barclays‘s target price indicates a potential upside of 30.51% from the stock’s current price.

A number of other brokerages also recently issued reports on CRC. Wells Fargo & Company boosted their price target on shares of California Resources from $72.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 17th. UBS Group set a $78.00 price target on shares of California Resources and gave the stock a “buy” rating in a research report on Monday, May 11th. Zacks Research upgraded shares of California Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 27th. Wall Street Zen upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research note on Monday, April 6th. Finally, Weiss Ratings lowered shares of California Resources from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $72.00.

California Resources Trading Down 1.2%

Shares of NYSE CRC traded down $0.74 during midday trading on Tuesday, reaching $61.30. The stock had a trading volume of 211,807 shares, compared to its average volume of 933,845. The firm has a market cap of $5.44 billion, a price-to-earnings ratio of -11.79 and a beta of 0.96. California Resources has a twelve month low of $41.88 and a twelve month high of $71.98. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.47 and a current ratio of 0.55. The company’s 50 day moving average price is $64.49 and its 200 day moving average price is $55.49.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.88. The firm had revenue of $119.00 million for the quarter, compared to the consensus estimate of $947.50 million. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The company’s revenue for the quarter was down 87.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.07 EPS. As a group, sell-side analysts expect that California Resources will post 5.56 EPS for the current year.

Insider Activity at California Resources

In other California Resources news, COO Omar Hayat sold 23,000 shares of the business’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $65.87, for a total transaction of $1,515,010.00. Following the completion of the sale, the chief operating officer owned 82,236 shares in the company, valued at approximately $5,416,885.32. The trade was a 21.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mark Allen Mcfarland sold 16,372 shares of the business’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $64.83, for a total transaction of $1,061,396.76. Following the sale, the director owned 76,265 shares of the company’s stock, valued at $4,944,259.95. This trade represents a 17.67% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 72,283 shares of company stock worth $4,636,646. 0.53% of the stock is owned by insiders.

Institutional Trading of California Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE increased its stake in California Resources by 57.1% during the 1st quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer’s stock valued at $40,543,000 after purchasing an additional 212,827 shares in the last quarter. Janus Henderson Group PLC increased its stake in California Resources by 12.8% during the 1st quarter. Janus Henderson Group PLC now owns 480,413 shares of the oil and gas producer’s stock valued at $33,254,000 after purchasing an additional 54,703 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in California Resources by 13.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,234 shares of the oil and gas producer’s stock valued at $155,000 after purchasing an additional 268 shares in the last quarter. California State Teachers Retirement System increased its stake in California Resources by 25.4% during the 1st quarter. California State Teachers Retirement System now owns 76,343 shares of the oil and gas producer’s stock valued at $5,284,000 after purchasing an additional 15,486 shares in the last quarter. Finally, Readystate Asset Management LP bought a new stake in California Resources during the 1st quarter valued at $1,663,000. Institutional investors own 97.79% of the company’s stock.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.