California Resources (NYSE:CRC) Price Target Raised to $72.00 at Barclays

California Resources (NYSE:CRC) had its target price boosted by equities research analysts at Barclays from $67.00 to $72.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the oil and gas producer’s stock. Barclays‘s target price would suggest a potential upside of 14.63% from the company’s previous close.

A number of other equities research analysts also recently weighed in on CRC. UBS Group upped their price objective on California Resources from $63.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Weiss Ratings restated a “hold (c)” rating on shares of California Resources in a research report on Wednesday, January 21st. Zacks Research raised California Resources from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 19th. Wells Fargo & Company upped their price target on California Resources from $56.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, March 4th. Finally, Mizuho increased 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. Two equities research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.40.

California Resources Price Performance

Shares of CRC stock traded up $1.34 during mid-day trading on Monday, reaching $62.81. The company’s stock had a trading volume of 223,303 shares, compared to its average volume of 885,074. The firm’s 50-day moving average is $54.45 and its two-hundred day moving average is $50.83. The company has a market cap of $5.56 billion, a P/E ratio of 15.40 and a beta of 1.11. California Resources has a 1-year low of $30.97 and a 1-year high of $66.35. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.79 and a current ratio of 0.89.

California Resources (NYSE:CRC) last posted its 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). California Resources had a net margin of 9.89% and a return on equity of 10.23%. The business had revenue of $924.00 million during the quarter, compared to the consensus estimate of $789.67 million. During the same period in the previous year, the firm earned $0.91 EPS. The business’s revenue was up 5.4% compared to the same quarter last year. On average, research analysts predict that California Resources will post 3.85 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Omar Hayat sold 23,000 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $65.87, for a total value of $1,515,010.00. Following the transaction, the chief operating officer directly owned 82,236 shares of the company’s stock, valued at $5,416,885.32. The trade was a 21.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christopher D. Gould sold 24,347 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $62.21, for a total value of $1,514,626.87. Following the sale, the executive vice president owned 131,537 shares in the company, valued at approximately $8,182,916.77. This trade represents a 15.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 72,283 shares of company stock valued at $4,636,646 over the last quarter. 0.63% of the stock is owned by insiders.

Institutional Trading of California Resources

Several large investors have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC bought a new position in shares of California Resources in the fourth quarter valued at about $26,000. Clearstead Advisors LLC grew its holdings in 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 acquiring an additional 226 shares during the last quarter. Pinnacle Holdings LLC bought a new stake in California Resources during the 4th quarter worth about $27,000. Salomon & Ludwin LLC acquired a new stake in California Resources in the 3rd quarter valued at about $29,000. Finally, FNY Investment Advisers LLC acquired a new stake in California Resources in the 3rd quarter valued at about $36,000. Institutional investors own 97.79% of the company’s stock.

About California Resources

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.