Citigroup Boosts California Resources (NYSE:CRC) Price Target to $65.00

California Resources (NYSE:CRC) had its target price raised by analysts at Citigroup from $63.00 to $65.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas producer’s stock. Citigroup’s price objective points to a potential upside of 31.93% from the stock’s previous close.

Several other equities research analysts have also issued reports on CRC. Mizuho upped their price target on California Resources from $63.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, May 13th. TD Cowen began coverage on shares of California Resources in a research report on Friday, August 2nd. They issued a “buy” rating and a $65.00 price target on the stock. Barclays decreased their price target on shares of California Resources from $62.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 target price on shares of California Resources in a research report on Monday, August 12th. Finally, Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating and upped their price target for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $63.00.

California Resources Stock Up 0.7 %

Shares of NYSE:CRC traded up $0.35 during midday trading on Thursday, reaching $49.27. The company had a trading volume of 294,720 shares, compared to its average volume of 882,171. California Resources has a one year low of $43.09 and a one year high of $58.44. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.43 and a quick ratio of 2.33. The stock has a market capitalization of $3.38 billion, a P/E ratio of 14.12, a PEG ratio of 1.29 and a beta of 0.98. The stock’s fifty day moving average price is $50.67 and its 200-day moving average price is $51.37.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.60 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.36). The company had revenue of $514.00 million for the quarter, compared to the consensus estimate of $477.07 million. California Resources had a return on equity of 11.27% and a net margin of 7.61%. The business’s revenue for the quarter was down 13.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.53 EPS. Equities research analysts expect that California Resources will post 3.45 earnings per share for the current fiscal year.

Insider Transactions at California Resources

In other news, Director Christian S. Kendall purchased 20,895 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was bought at an average cost of $47.97 per share, with a total value of $1,002,333.15. Following the purchase, the director now directly owns 24,600 shares of the company’s stock, valued at $1,180,062. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.03% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in California Resources by 4.4% in the first quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock valued at $446,326,000 after acquiring an additional 344,043 shares during the period. Dimensional Fund Advisors LP raised its stake in California Resources by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,576,306 shares of the oil and gas producer’s stock worth $190,328,000 after acquiring an additional 165,629 shares in the last quarter. American Century Companies Inc. raised its stake in California Resources by 18.1% during the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock worth $86,825,000 after acquiring an additional 250,367 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of California Resources by 10.7% during the second quarter. Victory Capital Management Inc. now owns 1,078,123 shares of the oil and gas producer’s stock valued at $57,378,000 after acquiring an additional 104,504 shares during the period. Finally, Point72 Asset Management L.P. boosted its stake in shares of California Resources by 2,615.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer’s stock valued at $44,865,000 after purchasing an additional 811,963 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors and hedge funds.

About California Resources

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.