California Resources (NYSE:CRC) Stock Price Expected to Rise, UBS Group Analyst Says

California Resources (NYSE:CRC) had its target price upped by stock analysts at UBS Group from $63.00 to $75.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas producer’s stock. UBS Group’s target price suggests a potential upside of 15.44% from the stock’s previous close.

CRC has been the subject of several other research reports. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a research report on Wednesday, January 21st. TD Cowen raised shares of California Resources to a “strong-buy” rating in a research report on Monday, February 9th. Wells Fargo & Company raised their price objective on California Resources from $56.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday. Mizuho boosted their price objective on California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Finally, Pickering Energy Partners downgraded California Resources from an “outperform” rating to a “neutral” rating in a research report on Friday, January 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, California Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.90.

California Resources Price Performance

California Resources stock opened at $64.97 on Thursday. The stock has a market capitalization of $5.76 billion, a P/E ratio of 15.92 and a beta of 1.12. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.89 and a quick ratio of 0.78. California Resources has a 12-month low of $30.97 and a 12-month high of $65.68. The firm’s 50-day moving average is $52.71 and its two-hundred day moving average is $50.33.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.02). California Resources had a return on equity of 10.23% and a net margin of 9.89%.The firm had revenue of $924.00 million for the quarter, compared to analyst estimates of $789.67 million. During the same quarter in the prior year, the company earned $0.91 earnings per share. The business’s revenue was up 5.4% compared to the same quarter last year. Equities analysts predict that California Resources will post 3.85 earnings per share for the current year.

Insider Activity at California Resources

In related news, VP Noelle M. Repetti sold 8,564 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $63.71, for a total value of $545,612.44. Following the completion of the transaction, the vice president owned 7,684 shares of the company’s stock, valued at approximately $489,547.64. This trade represents a 52.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.03% of the stock is currently owned by corporate insiders.

Institutional Trading of California Resources

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of California Resources by 6.4% in the fourth quarter. Vanguard Group Inc. now owns 8,775,097 shares of the oil and gas producer’s stock worth $392,335,000 after buying an additional 529,814 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in California Resources by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer’s stock worth $186,968,000 after acquiring an additional 632,170 shares during the period. State Street Corp raised its holdings in California Resources by 14.7% in the 4th quarter. State Street Corp now owns 3,842,223 shares of the oil and gas producer’s stock worth $171,786,000 after acquiring an additional 491,751 shares during the period. American Century Companies Inc. lifted its position in California Resources by 5.6% during the 3rd quarter. American Century Companies Inc. now owns 3,006,430 shares of the oil and gas producer’s stock worth $159,882,000 after acquiring an additional 159,708 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in California Resources by 200.7% during the fourth quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer’s stock valued at $104,822,000 after acquiring an additional 1,564,866 shares during the period. 97.79% of the stock is 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.