California Resources (NYSE:CRC) Upgraded at StockNews.com

California Resources (NYSE:CRC) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Saturday.

A number of other brokerages have also recently weighed in on CRC. TD Cowen assumed coverage on shares of California Resources in a research report on Friday, August 2nd. They set a “buy” rating and a $65.00 price target for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 target price on shares of California Resources in a research note on Monday, August 12th. UBS Group initiated coverage on California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 price target for the company. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $57.00 to $65.00 in a research note on Wednesday, August 21st. Finally, Jefferies Financial Group began coverage on shares of California Resources in a research note on Thursday, October 24th. They issued a “buy” rating and a $64.00 target price for the company. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.50.

California Resources Stock Performance

California Resources stock opened at $56.57 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources has a 12 month low of $43.09 and a 12 month high of $60.41. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 8.91, a price-to-earnings-growth ratio of 1.40 and a beta of 0.98. The stock’s 50-day moving average is $52.87 and its 200-day moving average is $50.86.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $973.13 million. During the same period in the previous year, the company posted $1.02 earnings per share. California Resources’s revenue was up 194.1% compared to the same quarter last year. Equities analysts anticipate that California Resources will post 3.42 earnings per share for the current year.

Insider Activity at California Resources

In other California Resources news, CEO Francisco Leon sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the transaction, the chief executive officer now owns 166,357 shares of the company’s stock, valued at $8,181,437.26. This trade represents a 4.31 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the sale, the vice president now owns 17,301 shares of the company’s stock, valued at $916,953. This trade represents a 36.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,270 shares of company stock valued at $1,387,778 over the last ninety days. Corporate insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

Several large investors have recently added to or reduced their stakes in CRC. Geode Capital Management LLC increased its stake in California Resources by 3.6% during the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock valued at $83,583,000 after purchasing an additional 55,815 shares during the last quarter. MML Investors Services LLC boosted its holdings in shares of California Resources by 33.6% in the 3rd quarter. MML Investors Services LLC now owns 7,183 shares of the oil and gas producer’s stock valued at $377,000 after buying an additional 1,808 shares during the period. iA Global Asset Management Inc. boosted its holdings in shares of California Resources by 30.6% in the 3rd quarter. iA Global Asset Management Inc. now owns 4,870 shares of the oil and gas producer’s stock valued at $256,000 after buying an additional 1,140 shares during the period. Weiss Asset Management LP bought a new stake in shares of California Resources during the 3rd quarter valued at about $28,043,000. Finally, State Street Corp raised its stake in California Resources by 5.1% during the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock worth $181,021,000 after acquiring an additional 168,278 shares during the period. 97.79% of the stock is currently owned by institutional investors.

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.