Barclays Increases California Resources (NYSE:CRC) Price Target to $68.00

California Resources (NYSE:CRC) had its price objective boosted by stock analysts at Barclays from $66.00 to $68.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the oil and gas producer’s stock. Barclays‘s target price suggests a potential upside of 47.44% from the company’s current price.

A number of other brokerages have also issued reports on CRC. Zacks Research lowered shares of California Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. Bank of America increased their target price on shares of California Resources from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Weiss Ratings restated a “hold (c)” rating on shares of California Resources in a research note on Wednesday, October 8th. JPMorgan Chase & Co. increased their price objective on California Resources from $64.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Finally, Jefferies Financial Group set a $71.00 target price on California Resources and gave the stock a “buy” rating in a research note on Sunday, September 21st. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.45.

California Resources Stock Down 0.0%

NYSE:CRC opened at $46.12 on Thursday. California Resources has a 52 week low of $30.97 and a 52 week high of $60.08. The stock’s fifty day moving average is $50.79 and its two-hundred day moving average is $47.07. The stock has a market capitalization of $3.86 billion, a price-to-earnings ratio of 10.73 and a beta of 1.15. The company has a quick ratio of 0.68, a current ratio of 0.89 and a debt-to-equity ratio of 0.26.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.15. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The firm had revenue of $855.00 million for the quarter, compared to the consensus estimate of $888.58 million. During the same quarter in the previous year, the business earned $1.50 EPS. The company’s quarterly revenue was down 36.8% compared to the same quarter last year. Research analysts anticipate that California Resources will post 3.85 EPS for the current year.

Institutional Investors Weigh In On California Resources

A number of institutional investors and hedge funds have recently bought and sold shares of CRC. Salomon & Ludwin LLC purchased a new position in shares of California Resources during the third quarter worth about $29,000. Larson Financial Group LLC boosted its position in shares of California Resources by 269.4% in the 1st quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 466 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in California Resources during the 2nd quarter worth approximately $35,000. Nomura Asset Management Co. Ltd. grew its stake in California Resources by 97.9% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 930 shares of the oil and gas producer’s stock worth $42,000 after buying an additional 460 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in California Resources by 29.7% during the third quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock worth $51,000 after buying an additional 219 shares during the period. 97.79% of the stock is owned by hedge funds and other institutional investors.

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.