California Resources (NYSE:CRC) Upgraded by TD Cowen to “Strong-Buy” Rating

TD Cowen upgraded shares of California Resources (NYSE:CRC) to a strong-buy rating in a research note released on Monday,Zacks.com reports.

Several other equities research analysts have also commented on CRC. Barclays set a $65.00 price target on shares of California Resources and gave the company an “overweight” rating in a report on Wednesday, January 21st. Zacks Research lowered shares of California Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, January 1st. Pickering Energy Partners lowered California Resources from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $56.00 target price (down previously from $58.00) on shares of California Resources in a research report on Tuesday, December 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, California Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.90.

California Resources Trading Up 0.8%

Shares of NYSE CRC opened at $55.88 on Monday. California Resources has a twelve month low of $30.97 and a twelve month high of $58.41. The firm has a market cap of $4.68 billion, a PE ratio of 13.00 and a beta of 1.15. The business has a fifty day simple moving average of $47.80 and a two-hundred day simple moving average of $48.96. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its stake in shares of California Resources by 23.9% in the third quarter. Principal Financial Group Inc. now owns 468,669 shares of the oil and gas producer’s stock worth $24,924,000 after acquiring an additional 90,466 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. acquired a new stake in California Resources during the 3rd quarter worth about $2,200,000. Creative Planning grew its position in California Resources by 58.9% during the 2nd quarter. Creative Planning now owns 37,673 shares of the oil and gas producer’s stock worth $1,721,000 after purchasing an additional 13,962 shares during the period. Gallacher Capital Management LLC purchased a new position in shares of California Resources during the 3rd quarter valued at about $1,002,000. Finally, Great Lakes Advisors LLC acquired a new position in shares of California Resources in the 3rd quarter valued at about $7,291,000. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

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.