California Resources (NYSE:CRC) Given New $47.00 Price Target at Barclays

California Resources (NYSE:CRC) had its price target cut by stock analysts at Barclays from $55.00 to $47.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas producer’s stock. Barclays‘s price objective indicates a potential upside of 33.03% from the stock’s previous close.

Several other brokerages have also commented on CRC. Truist Financial started coverage on California Resources in a research note on Monday, January 13th. They set a “buy” rating and a $75.00 price target for the company. Citigroup lowered shares of California Resources from a “buy” rating to a “neutral” rating and cut their price target for the company from $62.00 to $36.00 in a report on Monday, April 7th. Finally, Royal Bank of Canada reduced their price target on shares of California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, April 11th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $62.64.

California Resources Stock Up 1.3 %

CRC opened at $35.33 on Wednesday. The firm has a market cap of $3.20 billion, a P/E ratio of 5.56, a PEG ratio of 1.02 and a beta of 1.03. California Resources has a 52 week low of $30.97 and a 52 week high of $60.41. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The business’s fifty day simple moving average is $40.76 and its 200 day simple moving average is $48.91.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.05). California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business had revenue of $877.00 million during the quarter, compared to analysts’ expectations of $901.36 million. As a group, equities research analysts anticipate that California Resources will post 3.85 EPS for the current fiscal year.

Insider Activity

In other California Resources news, Director James N. Chapman bought 2,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were bought at an average cost of $39.42 per share, with a total value of $78,840.00. Following the transaction, the director now directly owns 43,445 shares in the company, valued at approximately $1,712,601.90. This trade represents a 4.83 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

Several institutional investors have recently added to or reduced their stakes in CRC. First Trust Advisors LP grew its stake in California Resources by 14.2% in the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock worth $353,800,000 after purchasing an additional 845,694 shares in the last quarter. Palo Duro Investment Partners LP bought a new stake in shares of California Resources in the 4th quarter valued at approximately $20,752,000. American Century Companies Inc. increased its holdings in shares of California Resources by 14.2% in the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer’s stock valued at $120,785,000 after acquiring an additional 290,263 shares during the last quarter. Balyasny Asset Management L.P. lifted its stake in California Resources by 285.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 318,593 shares of the oil and gas producer’s stock worth $16,532,000 after purchasing an additional 235,955 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in California Resources by 158.7% during the fourth quarter. JPMorgan Chase & Co. now owns 374,793 shares of the oil and gas producer’s stock worth $19,448,000 after purchasing an additional 229,940 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

California Resources Company Profile

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.