Royal Bank of Canada Reiterates “Outperform” Rating for California Resources (NYSE:CRC)

California Resources (NYSE:CRC)‘s stock had its “outperform” rating reaffirmed by investment analysts at Royal Bank of Canada in a report issued on Tuesday,Benzinga reports. They presently have a $70.00 price target on the oil and gas producer’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 31.04% from the company’s previous close.

Several other analysts also recently weighed in on CRC. Barclays upped their price objective on California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. JPMorgan Chase & Co. started coverage on California Resources in a research note on Friday, December 20th. They issued a “neutral” rating and a $63.00 price objective for the company. TD Cowen boosted their target price on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Jefferies Financial Group assumed coverage on California Resources in a research report on Thursday, October 24th. They set a “buy” rating and a $64.00 target price for the company. Finally, Capital One Financial raised California Resources to a “strong-buy” rating in a research note on Monday, December 9th. 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 company. According to data from MarketBeat, California Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.25.

California Resources Stock Performance

Shares of California Resources stock traded down $0.84 during midday trading on Tuesday, hitting $53.42. The company had a trading volume of 118,296 shares, compared to its average volume of 833,658. The business’s 50 day simple moving average is $54.92 and its two-hundred day simple moving average is $52.49. The stock has a market cap of $4.88 billion, a PE ratio of 8.41, a P/E/G ratio of 1.35 and a beta of 1.05. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources has a 1-year low of $43.09 and a 1-year high of $60.41.

California Resources (NYSE:CRC) last released its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $973.13 million. During the same quarter in the previous year, the business posted $1.02 EPS. The business’s quarterly revenue was up 194.1% compared to the same quarter last year. As a group, equities analysts predict 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 dated Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the sale, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the sale, the vice president now directly owns 8,531 shares in the company, valued at approximately $475,603.25. This represents 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 made changes to their positions in the company. GAMMA Investing LLC increased its stake in California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 371 shares during the last quarter. Point72 DIFC Ltd bought a new position in shares of California Resources during the third quarter valued at approximately $70,000. KBC Group NV grew its stake in shares of California Resources by 29.1% during the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after buying an additional 431 shares during the last quarter. Farther Finance Advisors LLC grew 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 valued at $169,000 after buying an additional 276 shares during the last quarter. Finally, Atria Investments Inc bought a new position in shares of California Resources during the third quarter valued at approximately $209,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

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.