California Resources (NYSE:CRC) Given New $69.00 Price Target at Stifel Nicolaus

California Resources (NYSE:CRC) had its price objective hoisted by equities researchers at Stifel Nicolaus from $68.00 to $69.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas producer’s stock. Stifel Nicolaus’ target price would suggest a potential upside of 22.80% from the company’s current price.

A number of other equities analysts have also commented on the stock. Barclays initiated coverage on shares of California Resources in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $62.00 price target on the stock. Bank of America cut California Resources from a “buy” rating to a “neutral” rating and cut their price target for the company from $64.00 to $60.00 in a research note on Friday, January 5th. Royal Bank of Canada restated an “outperform” rating and set a $70.00 price objective on shares of California Resources in a research note on Wednesday, March 6th. Finally, Mizuho dropped their price objective on California Resources from $69.00 to $63.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $63.57.

California Resources Stock Performance

Shares of NYSE CRC traded up $1.25 during midday trading on Tuesday, hitting $56.19. 145,137 shares of the company’s stock were exchanged, compared to its average volume of 899,564. California Resources has a 12 month low of $37.21 and a 12 month high of $58.44. The company’s 50 day moving average price is $53.95 and its 200 day moving average price is $52.69. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $3.86 billion, a PE ratio of 7.26 and a beta of 1.02.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, February 27th. The oil and gas producer reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.08). California Resources had a return on equity of 17.57% and a net margin of 20.14%. The company had revenue of $726.00 million for the quarter, compared to analyst estimates of $553.47 million. During the same quarter last year, the business earned $1.24 earnings per share. The company’s revenue was up 6.5% on a year-over-year basis. As a group, analysts predict that California Resources will post 5.99 earnings per share for the current fiscal year.

Institutional Trading of California Resources

Several institutional investors have recently modified their holdings of the business. Headlands Technologies LLC bought a new stake in California Resources in the third quarter valued at approximately $45,000. TFO Wealth Partners LLC lifted its position in shares of California Resources by 67,800.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,358 shares of the oil and gas producer’s stock worth $74,000 after purchasing an additional 1,356 shares during the period. Quadrant Capital Group LLC boosted its stake in shares of California Resources by 92.4% in the 4th quarter. Quadrant Capital Group LLC now owns 1,503 shares of the oil and gas producer’s stock valued at $82,000 after purchasing an additional 722 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of California Resources by 56.5% during the third quarter. PNC Financial Services Group Inc. now owns 2,397 shares of the oil and gas producer’s stock worth $134,000 after buying an additional 865 shares during the period. Finally, Assetmark Inc. raised its stake in California Resources by 16.3% during the third quarter. Assetmark Inc. now owns 2,525 shares of the oil and gas producer’s stock worth $141,000 after buying an additional 353 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.

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.