California Resources (NYSE:CRC) Given New $74.00 Price Target at Citigroup

California Resources (NYSE:CRC) had its price target raised by equities researchers at Citigroup from $67.00 to $74.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s price objective would indicate a potential upside of 7.22% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Pickering Energy Partners cut shares of California Resources from an “outperform” rating to a “neutral” rating in a research report on Friday, January 9th. Barclays lifted their target price on shares of California Resources from $67.00 to $72.00 and gave the company an “overweight” rating in a report on Monday, March 16th. Royal Bank Of Canada set a $70.00 price target on California Resources in a research note on Monday, January 5th. UBS Group boosted their price objective on California Resources from $63.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Finally, TD Cowen upgraded California Resources to a “strong-buy” rating in a report on Monday, February 9th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, California Resources presently has an average rating of “Moderate Buy” and an average price target of $70.50.

California Resources Trading Up 0.2%

California Resources stock traded up $0.15 during mid-day trading on Monday, hitting $69.02. The company’s stock had a trading volume of 837,514 shares, compared to its average volume of 988,533. The firm has a market capitalization of $6.12 billion, a PE ratio of 16.91 and a beta of 1.12. California Resources has a 1 year low of $30.97 and a 1 year high of $69.93. The company has a current ratio of 0.89, a quick ratio of 0.79 and a debt-to-equity ratio of 0.35. The stock’s fifty day moving average is $58.19 and its two-hundred day moving average is $51.87.

California Resources (NYSE:CRC) last posted its earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The business had revenue of $924.00 million during the quarter, compared to analysts’ expectations of $789.67 million. California Resources had a net margin of 9.89% and a return on equity of 10.23%. California Resources’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.91 EPS. On average, analysts anticipate that California Resources will post 3.85 EPS for the current year.

Insiders Place Their Bets

In related news, COO Omar Hayat sold 23,000 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $65.87, for a total value of $1,515,010.00. Following the completion of the transaction, the chief operating officer directly owned 82,236 shares of the company’s stock, valued at $5,416,885.32. This represents a 21.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Christopher D. Gould sold 24,347 shares of California Resources stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $62.21, for a total transaction of $1,514,626.87. Following the completion of the transaction, the executive vice president directly owned 131,537 shares in the company, valued at $8,182,916.77. The trade was a 15.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 72,283 shares of company stock worth $4,636,646 over the last 90 days. Insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

Large investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. lifted its holdings in shares of California Resources by 363.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 440 shares during the period. Steward Partners Investment Advisory LLC purchased a new position in shares of California Resources in the 4th quarter worth $26,000. Clearstead Advisors LLC grew its position in California Resources by 82.5% during the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock valued at $27,000 after acquiring an additional 226 shares during the period. Pinnacle Holdings LLC purchased a new stake in shares of California Resources during the 4th quarter worth about $27,000. Finally, Salomon & Ludwin LLC acquired a new stake in California Resources during the 3rd quarter worth approximately $29,000. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

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.