Citigroup Lowers California Resources (NYSE:CRC) Price Target to $70.00

California Resources (NYSE:CRC) had its price objective reduced by equities researchers at Citigroup from $78.00 to $70.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas producer’s stock. Citigroup’s price objective would suggest a potential upside of 32.18% from the company’s previous close.

A number of other analysts have also recently commented on CRC. Weiss Ratings cut California Resources from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 8th. Wells Fargo & Company lifted their price objective on shares of California Resources from $72.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 17th. UBS Group set a $78.00 price objective on shares of California Resources and gave the company a “buy” rating in a report on Monday, May 11th. Zacks Research downgraded shares of California Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. Finally, Mizuho upped their target price on shares of California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $72.70.

California Resources Trading Up 0.7%

Shares of CRC stock traded up $0.36 during trading hours on Tuesday, reaching $52.96. The company had a trading volume of 913,363 shares, compared to its average volume of 920,664. The company has a 50 day moving average of $60.32 and a 200 day moving average of $57.30. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.55 and a quick ratio of 0.47. The firm has a market cap of $4.70 billion, a price-to-earnings ratio of -10.18 and a beta of 0.91. California Resources has a 1-year low of $43.24 and a 1-year high of $71.98.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.88. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The business had revenue of $119.00 million for the quarter, compared to analyst estimates of $947.50 million. During the same period last year, the company earned $1.07 EPS. The firm’s revenue was down 87.0% on a year-over-year basis. On average, equities research analysts anticipate that California Resources will post 5.56 EPS for the current year.

Insider Activity

In other news, EVP Jay A. Bys sold 11,907 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $61.68, for a total transaction of $734,423.76. Following the sale, the executive vice president owned 171,331 shares of the company’s stock, valued at $10,567,696.08. This trade represents a 6.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On California Resources

Several institutional investors and hedge funds have recently modified their holdings of the business. Federated Hermes Inc. increased its holdings in California Resources by 4.3% during the fourth quarter. Federated Hermes Inc. now owns 4,683 shares of the oil and gas producer’s stock worth $209,000 after buying an additional 195 shares during the last quarter. Quadrant Capital Group LLC grew its position in shares of California Resources by 14.6% in the 4th quarter. Quadrant Capital Group LLC now owns 1,677 shares of the oil and gas producer’s stock valued at $75,000 after acquiring an additional 214 shares during the period. Clearstead Advisors LLC increased its stake in shares of California Resources by 82.5% during the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after purchasing an additional 226 shares during the last quarter. iA Global Asset Management Inc. increased its stake in shares of California Resources by 4.4% during the 4th quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock worth $243,000 after purchasing an additional 230 shares during the last quarter. Finally, Xponance Inc. raised its holdings in shares of California Resources by 4.7% in the 3rd quarter. Xponance Inc. now owns 5,301 shares of the oil and gas producer’s stock valued at $282,000 after purchasing an additional 237 shares during the period. 97.79% of the stock is currently owned by institutional investors and hedge funds.

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.