California Resources (NYSE:CRC) Stock Rating Upgraded by Zacks Research

California Resources (NYSE:CRC) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other research analysts have also issued reports on CRC. Mizuho boosted their target price on California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, December 12th. UBS Group set a $63.00 price objective on shares of California Resources and gave the company a “buy” rating in a research report on Monday, January 26th. Barclays set a $65.00 price objective on shares of California Resources and gave the stock an “overweight” rating in a research report on Wednesday, January 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Finally, TD Cowen upgraded shares of California Resources to a “strong-buy” rating in a research note on Monday, February 9th. Two 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’s stock. According to data from MarketBeat, California Resources presently has an average rating of “Moderate Buy” and a consensus target price of $63.90.

California Resources Stock Performance

NYSE CRC opened at $59.27 on Thursday. The firm has a market cap of $4.96 billion, a P/E ratio of 13.78 and a beta of 1.15. California Resources has a 52-week low of $30.97 and a 52-week high of $60.03. The business’s 50-day moving average price is $49.53 and its 200 day moving average price is $49.48. 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 Trading of California Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in California Resources by 6.4% during 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 in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of California Resources by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer’s stock valued at $186,968,000 after acquiring an additional 632,170 shares during the period. State Street Corp boosted its stake in shares of California Resources by 14.7% during 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 in the last quarter. American Century Companies Inc. grew its holdings in shares of California Resources by 5.6% in 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 period. Finally, Victory Capital Management Inc. grew its holdings in shares of California Resources by 200.7% in the 4th quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer’s stock worth $104,822,000 after acquiring an additional 1,564,866 shares during the period. Institutional investors and hedge funds 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.