Barclays Issues Pessimistic Forecast for California Resources (NYSE:CRC) Stock Price

California Resources (NYSE:CRC) had its price objective cut by equities research analysts at Barclays from $74.00 to $68.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the oil and gas producer’s stock. Barclays‘s price target indicates a potential upside of 40.87% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Seaport Research Partners began coverage on California Resources in a research note on Thursday, September 3rd. They issued a “neutral” rating on the stock. UBS Group restated a “buy” rating and set a $68.00 price target (down from $73.00) on shares of California Resources in a research note on Monday, October 12th. Stephens cut their price target on California Resources from $93.00 to $91.00 and set an “overweight” rating for the company in a research note on Friday, September 18th. Zacks Research raised California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. Finally, Roth Capital reaffirmed a “buy” rating and set a $59.00 price target (up from $58.00) on shares of California Resources in a report on Thursday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, California Resources currently has an average rating of “Moderate Buy” and a consensus price target of $73.78.

California Resources Stock Performance

Shares of CRC traded up $0.39 during mid-day trading on Friday, hitting $48.27. 431,327 shares of the company’s stock were exchanged, compared to its average volume of 1,000,795. The company has a current ratio of 0.51, a quick ratio of 0.44 and a debt-to-equity ratio of 0.42. California Resources has a fifty-two week low of $43.24 and a fifty-two week high of $71.98. The business’s 50 day moving average is $52.69 and its two-hundred day moving average is $56.90. The firm has a market capitalization of $4.26 billion, a P/E ratio of -8.51 and a beta of 0.98.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Monday, November 2nd. The oil and gas producer reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.17. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $967.71 million. California Resources had a positive return on equity of 9.56% and a negative net margin of 18.11%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.46 EPS. On average, equities analysts expect that California Resources will post 4.45 earnings per share for the current year.

Insider Transactions at California Resources

In related news, EVP Jay Bys sold 11,907 shares of the firm’s stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president owned 123,703 shares in the company, valued at $6,679,962. This trade represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On California Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new stake in shares of California Resources in the 2nd quarter valued at approximately $63,205,000. Arrowstreet Capital Limited Partnership acquired a new position in California Resources during the first quarter worth $62,698,000. Bank of America Corp DE grew its holdings in California Resources by 57.1% during the first quarter. Bank of America Corp DE now owns 585,709 shares of the oil and gas producer’s stock worth $40,543,000 after acquiring an additional 212,827 shares during the period. Janus Henderson Group PLC grew its holdings in California Resources by 12.8% during the first quarter. Janus Henderson Group PLC now owns 480,413 shares of the oil and gas producer’s stock worth $33,254,000 after acquiring an additional 54,703 shares during the period. Finally, Private Management Group Inc. raised its position in California Resources by 3.5% in the third quarter. Private Management Group Inc. now owns 523,755 shares of the oil and gas producer’s stock worth $26,607,000 after acquiring an additional 17,892 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

About California Resources

California Resources Corporation is an independent energy company focused on developing and producing oil and natural gas in California. Its operations include exploration, production and management of energy resources, with products that include crude oil, natural gas and natural gas liquids. The company was formed in 2014 when it separated from Occidental Petroleum. Its activities are concentrated in California, where it operates across several major oil-producing regions. In 2024, California Resources completed its acquisition of Aera Energy, expanding its California operations.