Royal Bank Of Canada Reaffirms “Outperform” Rating for California Resources (NYSE:CRC)

California Resources (NYSE:CRC)‘s stock had its “outperform” rating reiterated by analysts at Royal Bank Of Canada in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $77.00 price objective on the oil and gas producer’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 34.01% from the company’s current price.

Several other brokerages also recently issued reports on CRC. Stephens set a $85.00 target price on California Resources and gave the company an “overweight” rating in a research note on Friday, July 17th. Wall Street Zen lowered California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Zacks Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 26th. Seaport Research Partners began coverage on shares of California Resources in a research report on Thursday, September 3rd. They set a “neutral” rating on the stock. Finally, UBS Group reissued a “buy” rating and issued a $73.00 target price on shares of California Resources in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, California Resources has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

California Resources Trading Up 1.3%

NYSE:CRC opened at $57.46 on Monday. The company’s 50-day simple moving average is $52.97 and its 200 day simple moving average is $58.56. California Resources has a one year low of $43.24 and a one year high of $71.98. The firm has a market capitalization of $5.10 billion, a P/E ratio of -42.25 and a beta of 0.90. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.66 and a quick ratio of 0.56.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.37). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.82%. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $960.20 million. During the same period last year, the company posted $1.10 earnings per share. The business’s revenue for the quarter was up 33.0% compared to the same quarter last year. As a group, analysts forecast that California Resources will post 3.9 EPS for the current fiscal year.

Insider Transactions at California Resources

In other California Resources news, EVP Jay Bys sold 11,907 shares of the firm’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the transaction, the executive vice president directly owned 135,610 shares in the company, valued at $7,322,940. This trade represents a 8.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,721 shares of company stock valued at $1,928,934 over the last quarter. 0.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On California Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Valued Wealth Advisors LLC purchased a new position in California Resources in the first quarter worth $29,000. Rockefeller Capital Management L.P. grew its holdings in California Resources by 363.6% during the fourth 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 stake in California Resources during the fourth quarter worth $26,000. Pinnacle Holdings LLC acquired a new position in California Resources in the 4th quarter worth about $27,000. Finally, EMC Capital Management acquired a new stake in California Resources in the 4th quarter worth about $42,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an energy company focused on developing and producing oil and natural gas resources in California. Its operations include exploration, drilling, production, processing and marketing of crude oil, natural gas and natural gas liquids, primarily for customers in the California market.

The company’s assets are located in several of California’s major petroleum-producing regions, including the San Joaquin, Los Angeles and Sacramento basins. California Resources also manages related infrastructure and mineral interests associated with its production operations.

In addition to conventional energy production, California Resources has pursued carbon management opportunities through its Carbon TerraVault platform.