California Resources (NYSE:CRC) Given New $72.00 Price Target at Wells Fargo & Company

California Resources (NYSE:CRC) had its target price lifted by investment analysts at Wells Fargo & Company from $56.00 to $72.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 17.13% from the company’s current price.

CRC has been the topic of several other reports. TD Cowen upgraded shares of California Resources to a “strong-buy” rating in a report on Monday, February 9th. Zacks Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a research note on Wednesday, January 21st. UBS Group set a $63.00 target price on California Resources and gave the stock a “buy” rating in a report on Monday, January 26th. Finally, Mizuho increased their price target on California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $65.70.

California Resources Trading Up 1.7%

Shares of California Resources stock traded up $1.00 during trading on Wednesday, hitting $61.47. 261,042 shares of the company were exchanged, compared to its average volume of 815,116. 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 firm has a market capitalization of $5.15 billion, a P/E ratio of 15.07 and a beta of 1.12. The firm’s fifty day moving average price is $51.54 and its 200 day moving average price is $50.04. California Resources has a 1-year low of $30.97 and a 1-year high of $62.69.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The firm had revenue of $924.00 million during the quarter, compared to analyst estimates of $789.67 million. California Resources had a net margin of 9.89% and a return on equity of 10.39%. The business’s revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.91 earnings per share. As a group, sell-side analysts expect that California Resources will post 3.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CRC. AQR Capital Management LLC lifted its stake in California Resources by 89.1% in the 1st quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock valued at $2,046,000 after acquiring an additional 21,923 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of California Resources by 6.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock worth $1,832,000 after acquiring an additional 2,394 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of California Resources by 38.2% in the first quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock valued at $28,916,000 after purchasing an additional 181,833 shares during the last quarter. Empowered Funds LLC lifted its position in shares of California Resources by 3.8% in the first quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock worth $2,233,000 after purchasing an additional 1,857 shares in the last quarter. Finally, Intech Investment Management LLC lifted its position in shares of California Resources by 17.7% in the first quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock worth $1,401,000 after purchasing an additional 4,783 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.