California Resources (NYSE:CRC) Earns Outperform Rating from Royal Bank of Canada

California Resources (NYSE:CRC)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Royal Bank of Canada in a research report issued on Thursday,Benzinga reports. They presently have a $68.00 price objective on the oil and gas producer’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 55.26% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on CRC. Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Truist Financial initiated coverage on shares of California Resources in a report on Monday, January 13th. They set a “buy” rating and a $75.00 price objective for the company. Barclays cut their target price on shares of California Resources from $57.00 to $55.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. initiated coverage on California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $66.92.

California Resources Stock Down 1.0 %

Shares of CRC opened at $43.80 on Thursday. California Resources has a 12 month low of $38.02 and a 12 month high of $60.41. The stock has a market cap of $3.97 billion, a price-to-earnings ratio of 6.90, a P/E/G ratio of 1.02 and a beta of 1.06. The company has a 50-day moving average price of $46.42 and a two-hundred day moving average price of $51.14. 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 posted its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.05). California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company had revenue of $877.00 million for the quarter, compared to the consensus estimate of $901.36 million. Equities analysts predict that California Resources will post 3.85 EPS for the current fiscal year.

Insider Activity at California Resources

In other California Resources news, Director James N. Chapman acquired 2,000 shares of California Resources stock in a transaction on Wednesday, March 5th. The shares were purchased at an average cost of $39.42 per share, with a total value of $78,840.00. Following the completion of the purchase, the director now owns 43,445 shares in the company, valued at $1,712,601.90. The trade was a 4.83 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.03% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CRC. Vanguard Group Inc. grew its stake in shares of California Resources by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 9,345,789 shares of the oil and gas producer’s stock worth $484,953,000 after purchasing an additional 225,620 shares during the period. First Trust Advisors LP grew its position in shares of California Resources by 14.2% during the 4th quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock worth $353,800,000 after buying an additional 845,694 shares during the period. State Street Corp grew its position in shares of California Resources by 5.1% during the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock worth $181,021,000 after buying an additional 168,278 shares during the period. American Century Companies Inc. increased its stake in shares of California Resources by 14.2% in the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer’s stock valued at $120,785,000 after acquiring an additional 290,263 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of California Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,605,779 shares of the oil and gas producer’s stock valued at $83,344,000 after acquiring an additional 13,116 shares during the period. 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.