California Resources (NYSE:CRC) Coverage Initiated at Truist Financial

Analysts at Truist Financial assumed coverage on shares of California Resources (NYSE:CRCGet Free Report) in a report released on Monday, MarketBeat reports. The firm set a “buy” rating and a $75.00 price target on the oil and gas producer’s stock. Truist Financial’s target price suggests a potential upside of 39.33% from the company’s current price.

A number of other equities analysts also recently commented on CRC. StockNews.com raised California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Barclays increased their price objective on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. JPMorgan Chase & Co. began coverage on shares of California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 price objective for the company. UBS Group started coverage on shares of California Resources in a research note on Wednesday, October 16th. They set a “buy” rating and a $68.00 target price for the company. Finally, Stephens began coverage on California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price target on the stock. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $67.25.

Read Our Latest Research Report on CRC

California Resources Price Performance

California Resources stock opened at $53.83 on Monday. The company’s 50 day moving average is $54.92 and its two-hundred day moving average is $52.49. The firm has a market cap of $4.92 billion, a PE ratio of 8.48, a price-to-earnings-growth ratio of 1.35 and a beta of 1.05. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. California Resources has a 52-week low of $43.09 and a 52-week high of $60.41.

California Resources (NYSE:CRCGet Free Report) last released its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. During the same period last year, the business posted $1.02 earnings per share. California Resources’s revenue was up 194.1% compared to the same quarter last year. On average, research analysts expect that California Resources will post 3.58 EPS for the current fiscal year.

Insider Buying and Selling

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the transaction, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the sale, the vice president now directly owns 8,531 shares of the company’s stock, valued at $475,603.25. The trade was a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC grew its position in California Resources by 61.5% in the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 371 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of California Resources in the 3rd quarter worth $70,000. KBC Group NV boosted its holdings in shares of California Resources by 29.1% in the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after acquiring an additional 431 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of California Resources by 9.4% during the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after acquiring an additional 276 shares during the period. Finally, Atria Investments Inc purchased a new position in California Resources during the third quarter worth about $209,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Company Profile

(Get Free Report)

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.

See Also

Analyst Recommendations for California Resources (NYSE:CRC)

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