Barclays Issues Pessimistic Forecast for California Resources (NYSE:CRC) Stock Price

California Resources (NYSE:CRC) had its target price decreased by analysts at Barclays from $57.00 to $55.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the oil and gas producer’s stock. Barclays‘s price target suggests a potential upside of 34.52% from the company’s previous close.

A number of other research analysts have also weighed in on CRC. JPMorgan Chase & Co. assumed coverage on shares of California Resources in a research note on Friday, December 20th. They issued a “neutral” rating and a $63.00 price objective on the stock. Capital One Financial raised shares of California Resources to a “strong-buy” rating in a research note on Monday, December 9th. Truist Financial started coverage on shares of California Resources in a research note on Monday, January 13th. They issued a “buy” rating and a $75.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $70.00 price target on shares of California Resources in a research report on Tuesday, January 14th. Finally, TD Cowen raised their price target on shares of California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.08.

California Resources Stock Up 1.5 %

Shares of NYSE CRC opened at $40.89 on Wednesday. The firm has a market cap of $3.74 billion, a PE ratio of 6.44, a P/E/G ratio of 1.02 and a beta of 1.06. California Resources has a 12-month low of $38.02 and a 12-month high of $60.41. The company’s fifty day simple moving average is $49.34 and its 200 day simple moving average is $51.96. 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 (NYSE:CRC) last issued its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.05). The company had revenue of $877.00 million for the quarter, compared to the consensus estimate of $901.36 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. As a group, sell-side analysts forecast that California Resources will post 3.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director James N. Chapman acquired 2,000 shares of the stock in a transaction on Wednesday, March 5th. The shares were acquired at an average price of $39.42 per share, with a total value of $78,840.00. Following the completion of the transaction, the director now owns 43,445 shares in the company, valued at approximately $1,712,601.90. The trade was a 4.83 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Omar Hayat sold 16,016 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the sale, the executive vice president now directly owns 30,940 shares in the company, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

Several hedge funds and other institutional investors have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of California Resources in the fourth quarter valued at approximately $1,475,000. GF Fund Management CO. LTD. bought a new stake in shares of California Resources in the fourth quarter valued at approximately $1,145,000. GTS Securities LLC bought a new stake in shares of California Resources in the fourth quarter valued at approximately $669,000. Sourcerock Group LLC raised its position in shares of California Resources by 6.5% in the fourth quarter. Sourcerock Group LLC now owns 1,084,947 shares of the oil and gas producer’s stock valued at $56,298,000 after purchasing an additional 65,981 shares during the period. Finally, Squarepoint Ops LLC raised its position in shares of California Resources by 22.5% in the fourth quarter. Squarepoint Ops LLC now owns 25,297 shares of the oil and gas producer’s stock valued at $1,313,000 after purchasing an additional 4,647 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.