Capital One Financial Upgrades California Resources (NYSE:CRC) to Strong-Buy

California Resources (NYSE:CRC) was upgraded by stock analysts at Capital One Financial to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. Stephens initiated coverage on California Resources in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective for the company. Barclays lifted their target price on California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. UBS Group assumed 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. StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Finally, Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and increased their price objective for the company from $57.00 to $65.00 in a research note on Wednesday, August 21st. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and an average price target of $66.40.

California Resources Trading Down 2.8 %

Shares of CRC stock opened at $54.80 on Monday. The business’s 50 day moving average is $54.97 and its two-hundred day moving average is $51.81. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. 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 $3.72 billion, a PE ratio of 8.63, a price-to-earnings-growth ratio of 1.33 and a beta of 1.01.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $973.13 million. During the same quarter last year, the firm posted $1.02 EPS. The business’s quarterly revenue was up 194.1% on a year-over-year basis. Equities analysts predict that California Resources will post 3.42 EPS for the current year.

Insider Buying and Selling at California Resources

In other news, VP Noelle M. Repetti sold 8,770 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the transaction, the vice president now owns 8,531 shares in the company, valued at $475,603.25. This represents a 50.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.63% of the company’s stock.

Hedge Funds Weigh In On California Resources

A number of large investors have recently added to or reduced their stakes in CRC. GAMMA Investing LLC grew its holdings in shares of California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after buying an additional 371 shares in the last quarter. Point72 DIFC Ltd bought a new position in shares of California Resources during the 3rd quarter worth approximately $70,000. KBC Group NV grew its stake in shares of California Resources by 29.1% during the 3rd quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after acquiring an additional 431 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of California Resources by 9.4% in the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock valued at $169,000 after purchasing an additional 276 shares during the last quarter. Finally, Atria Investments Inc bought a new stake in shares of California Resources in the third quarter worth $209,000. 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.