Wells Fargo & Company Initiates Coverage on California Resources (NYSE:CRC)

Research analysts at Wells Fargo & Company initiated coverage on shares of California Resources (NYSE:CRC) in a research report issued to clients and investors on Tuesday, MarketBeat reports. The firm set an “overweight” rating and a $58.00 price target on the oil and gas producer’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 21.43% from the stock’s current price.

Other equities analysts have also issued research reports about the company. UBS Group decreased their price target on California Resources from $70.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. Barclays boosted their price objective on shares of California Resources from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. JPMorgan Chase & Co. upped their target price on shares of California Resources from $64.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Jefferies Financial Group set a $71.00 target price on shares of California Resources and gave the stock a “buy” rating in a research note on Sunday, September 21st. Finally, Mizuho set a $71.00 price target on shares of California Resources in a research note on Monday, September 15th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $64.82.

California Resources Stock Up 0.7%

Shares of NYSE CRC opened at $47.77 on Tuesday. The company has a market capitalization of $4.00 billion, a P/E ratio of 11.11 and a beta of 1.15. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.89 and a quick ratio of 0.78. The company has a 50 day simple moving average of $48.72 and a 200-day simple moving average of $48.30. California Resources has a 1 year low of $30.97 and a 1 year high of $58.41.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, November 4th. The oil and gas producer reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.15. The firm had revenue of $855.00 million for the quarter, compared to analysts’ expectations of $888.58 million. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The firm’s quarterly revenue was down 36.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.50 earnings per share. On average, equities research analysts predict that California Resources will post 3.85 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CRC. Allworth Financial LP increased its stake in California Resources by 328.6% during the 3rd quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer’s stock worth $41,000 after buying an additional 598 shares during the period. Penn Capital Management Company LLC boosted its position in California Resources by 1.0% in the 3rd quarter. Penn Capital Management Company LLC now owns 268,175 shares of the oil and gas producer’s stock valued at $14,276,000 after buying an additional 2,641 shares during the period. CIBC Bancorp USA Inc. purchased a new position in California Resources in the 3rd quarter valued at approximately $384,000. Hancock Whitney Corp acquired a new position in shares of California Resources in the third quarter worth $249,000. Finally, Caxton Associates LLP purchased a new stake in shares of California Resources during the third quarter worth $210,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

About California Resources

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.