California Resources (NYSE:CRC) Price Target Raised to $69.00 at Stifel Nicolaus

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

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

California Resources Stock Up 2.3 %

CRC stock traded up $1.25 during trading on Tuesday, hitting $56.19. 145,137 shares of the stock traded hands, compared to its average volume of 899,564. The stock has a market cap of $3.86 billion, a price-to-earnings ratio of 7.26 and a beta of 1.02. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.39. California Resources has a 1 year low of $37.21 and a 1 year high of $58.44. The firm’s 50 day moving average is $53.95 and its two-hundred day moving average is $52.69.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, February 27th. The oil and gas producer reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.08). California Resources had a net margin of 20.14% and a return on equity of 17.57%. The firm had revenue of $726.00 million for the quarter, compared to analysts’ expectations of $553.47 million. During the same quarter in the previous year, the company earned $1.24 EPS. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, sell-side analysts anticipate that California Resources will post 5.99 EPS for the current year.

Institutional Investors Weigh In On California Resources

A number of hedge funds have recently modified their holdings of CRC. Allspring Global Investments Holdings LLC lifted its position in shares of California Resources by 21.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 109,269 shares of the oil and gas producer’s stock valued at $6,021,000 after buying an additional 19,485 shares in the last quarter. Hennessy Advisors Inc. raised its stake in California Resources by 14.1% during the 1st quarter. Hennessy Advisors Inc. now owns 432,200 shares of the oil and gas producer’s stock worth $23,814,000 after acquiring an additional 53,400 shares during the period. Cim LLC purchased a new position in California Resources during the fourth quarter valued at approximately $494,000. Bridgefront Capital LLC purchased a new position in California Resources during the fourth quarter valued at approximately $398,000. Finally, Clayton Partners LLC boosted its position in shares of California Resources by 3.3% in the fourth quarter. Clayton Partners LLC now owns 127,363 shares of the oil and gas producer’s stock worth $6,964,000 after purchasing an additional 4,083 shares during the period. Institutional investors own 97.79% of the company’s stock.

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.