California Resources Corp (NYSE:CRC) Receives $35.20 Consensus Price Target from Analysts

Shares of California Resources Corp (NYSE:CRC) have received a consensus rating of “Hold” from the nine analysts that are currently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a sell recommendation, one has given a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $35.20.

Several brokerages recently issued reports on CRC. Goldman Sachs Group cut Encana to a “buy” rating in a research note on Friday, April 12th. Zacks Investment Research upgraded Hallmark Financial Services from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Friday. Raymond James restated a “neutral” rating and set a $35.00 price objective on shares of Stantec in a research note on Monday, May 13th. ValuEngine cut Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Finally, Mizuho set a $67.00 price objective on Walgreens Boots Alliance and gave the stock a “hold” rating in a research note on Thursday, March 28th.

In other California Resources news, Director William E. Albrecht sold 10,000 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $20.00, for a total value of $200,000.00. Following the sale, the director now directly owns 110,788 shares of the company’s stock, valued at $2,215,760. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Laurie Siegel bought 3,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was bought at an average cost of $16.78 per share, for a total transaction of $50,340.00. Following the completion of the transaction, the director now directly owns 15,196 shares of the company’s stock, valued at $254,988.88. The disclosure for this purchase can be found here. Insiders sold 30,000 shares of company stock worth $600,000 over the last ninety days. 3.50% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of CRC. Norges Bank acquired a new stake in California Resources in the fourth quarter worth $5,203,000. Dimensional Fund Advisors LP increased its position in California Resources by 57.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 807,671 shares of the oil and gas producer’s stock worth $13,763,000 after buying an additional 294,906 shares during the period. Pensionmark Financial Group LLC acquired a new stake in California Resources in the fourth quarter worth $2,661,000. BlackRock Inc. increased its position in California Resources by 4.1% in the fourth quarter. BlackRock Inc. now owns 3,263,108 shares of the oil and gas producer’s stock worth $55,602,000 after buying an additional 127,025 shares during the period. Finally, Prudential Financial Inc. increased its position in California Resources by 1,949.1% in the fourth quarter. Prudential Financial Inc. now owns 110,303 shares of the oil and gas producer’s stock worth $1,880,000 after buying an additional 104,920 shares during the period. 62.79% of the stock is currently owned by hedge funds and other institutional investors.

Shares of California Resources stock traded up $0.40 on Monday, hitting $14.62. 3,059,661 shares of the company’s stock traded hands, compared to its average volume of 1,715,368. The firm has a market capitalization of $713.46 million, a PE ratio of 11.51 and a beta of 4.40. The business’s 50-day simple moving average is $17.91. California Resources has a 52-week low of $13.48 and a 52-week high of $50.34.

California Resources (NYSE:CRC) last released its earnings results on Thursday, May 2nd. The oil and gas producer reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.94. The company had revenue of $690.00 million during the quarter, compared to analysts’ expectations of $635.00 million. California Resources had a negative return on equity of 18.81% and a net margin of 8.36%. The business’s revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 EPS. As a group, sell-side analysts predict that California Resources will post 2.49 EPS for the current year.

About California Resources

California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

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Analyst Recommendations for California Resources (NYSE:CRC)

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