StockNews.com Upgrades California Resources (NYSE:CRC) to Hold

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

A number of other equities research analysts have also issued reports on CRC. Barclays upped their target price on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. UBS Group began coverage on shares of California Resources in a research note on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price on the stock. Citigroup upped their target price on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. Finally, Stephens began coverage on shares of California Resources in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 target price for the company. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $65.50.

California Resources Stock Performance

Shares of CRC stock opened at $56.58 on Friday. California Resources has a 12 month low of $43.09 and a 12 month high of $60.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The firm has a market capitalization of $3.84 billion, a P/E ratio of 8.91, a P/E/G ratio of 1.43 and a beta of 0.98. The company’s fifty day moving average price is $52.87 and its two-hundred day moving average price is $50.87.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping 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 analyst estimates of $973.13 million. During the same quarter in the previous year, the business posted $1.02 EPS. The firm’s revenue was up 194.1% compared to the same quarter last year. On average, research analysts anticipate that California Resources will post 3.42 earnings per share for the current fiscal 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 shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the completion of the sale, the chief executive officer now owns 166,357 shares in the company, valued at $8,181,437.26. This represents a 4.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the transaction, the vice president now owns 8,531 shares in the company, valued at approximately $475,603.25. This trade represents a 50.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,270 shares of company stock valued at $1,387,778 over the last ninety days. Insiders own 0.03% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC increased its stake in shares of California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 371 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of California Resources during the 3rd quarter worth $70,000. KBC Group NV increased 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 purchasing an additional 431 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after purchasing an additional 276 shares during the last quarter. Finally, Atria Investments Inc acquired a new position in shares of California Resources during the 3rd quarter worth $209,000. Institutional investors and hedge funds 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.