California Resources (NYSE:CRC) Earns Buy Rating from Analysts at UBS Group

Analysts at UBS Group initiated coverage on shares of California Resources (NYSE:CRC) in a research note issued on Wednesday, Briefing.com reports. The firm set a “buy” rating and a $68.00 price target on the oil and gas producer’s stock. UBS Group’s price objective points to a potential upside of 33.31% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Barclays increased their price objective on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 price target on shares of California Resources in a research note on Monday, August 12th. Citigroup upped their price objective on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Finally, TD Cowen began coverage on shares of California Resources in a report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price target on the stock. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $64.75.

California Resources Price Performance

NYSE:CRC opened at $51.01 on Wednesday. The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of 14.62, a PEG ratio of 1.27 and a beta of 0.98. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.43 and a quick ratio of 2.33. The business has a 50 day simple moving average of $51.02 and a 200-day simple moving average of $50.95. California Resources has a 1 year low of $43.09 and a 1 year high of $57.88.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.36). California Resources had a return on equity of 11.27% and a net margin of 7.61%. The firm had revenue of $514.00 million for the quarter, compared to analysts’ expectations of $477.07 million. During the same period in the previous year, the firm earned $0.53 earnings per share. The firm’s quarterly revenue was down 13.0% compared to the same quarter last year. Equities analysts forecast that California Resources will post 3.45 EPS for the current year.

Insider Activity

In related news, VP Noelle M. Repetti sold 10,000 shares of California Resources stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the transaction, the vice president now directly owns 17,301 shares of the company’s stock, valued at $916,953. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other California Resources news, VP Noelle M. Repetti sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the transaction, the vice president now directly owns 17,301 shares in the company, valued at approximately $916,953. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Christian S. Kendall purchased 20,895 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were purchased at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the completion of the transaction, the director now owns 24,600 shares of the company’s stock, valued at approximately $1,180,062. The trade was a 500.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in shares of California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 371 shares during the last quarter. Privium Fund Management B.V. acquired a new stake in California Resources in the second quarter worth about $258,000. Hyperion Capital Advisors LP purchased a new stake in shares of California Resources during the first quarter worth about $275,000. AlphaMark Advisors LLC purchased a new stake in shares of California Resources during the second quarter worth about $320,000. Finally, Shell Asset Management Co. increased its holdings in shares of California Resources by 99.8% during the first quarter. Shell Asset Management Co. now owns 6,311 shares of the oil and gas producer’s stock valued at $348,000 after acquiring an additional 3,153 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

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.