California Resources (NYSE:CRC) Given New $87.00 Price Target at Mizuho

by · The Cerbat Gem

California Resources (NYSE:CRC – Get Free Report) had its price objective lifted by analysts at Mizuho from $86.00 to $87.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the oil and gas producer’s stock. Mizuho’s target price would suggest a potential upside of 42.04% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Wall Street Zen raised shares of California Resources from a “sell” rating to a “hold” rating in a report on Monday, April 6th. Wells Fargo & Company increased their price objective on shares of California Resources from $72.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, March 17th. Citigroup raised shares of California Resources from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $74.00 to $78.00 in a report on Wednesday, May 20th. TD Cowen raised shares of California Resources to a “strong-buy” rating in a research note on Monday, February 9th. Finally, Zacks Research lowered shares of California Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $73.50.

Get Our Latest Stock Analysis on CRC

California Resources Stock Down 1.3%

Shares of NYSE:CRC opened at $61.25 on Wednesday. California Resources has a 12 month low of $41.88 and a 12 month high of $71.98. The company’s 50-day moving average price is $64.48 and its two-hundred day moving average price is $55.60. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 0.45. The firm has a market cap of $5.44 billion, a P/E ratio of -11.78 and a beta of 0.96.

California Resources (NYSE:CRC – Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.88 EPS for the quarter, hitting analysts’ consensus estimates of $0.88. California Resources had a negative net margin of 16.10% and a positive return on equity of 10.12%. The firm had revenue of $119.00 million for the quarter, compared to analyst estimates of $947.50 million. During the same quarter in the prior year, the firm earned $1.07 EPS. The company’s revenue was down 87.0% on a year-over-year basis. As a group, research analysts forecast that California Resources will post 5.56 EPS for the current fiscal year.

Insider Buying and Selling at California Resources

In other news, VP Noelle M. Repetti sold 8,564 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $63.71, for a total value of $545,612.44. Following the transaction, the vice president owned 7,684 shares of the company’s stock, valued at approximately $489,547.64. This trade represents a 52.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Omar Hayat sold 23,000 shares of the firm’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $65.87, for a total transaction of $1,515,010.00. Following the completion of the transaction, the chief operating officer directly owned 82,236 shares in the company, valued at $5,416,885.32. This trade represents a 21.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 72,283 shares of company stock worth $4,636,646 over the last quarter. Company insiders own 0.53% of the company’s stock.

Institutional Trading of California Resources

Hedge funds have recently modified their holdings of the company. American Century Companies Inc. raised its position 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 valued at $159,882,000 after acquiring an additional 159,708 shares during the period. Channing Capital Management LLC acquired a new stake in shares of California Resources in the 3rd quarter valued at approximately $6,205,000. Principal Financial Group Inc. raised its position in shares of California Resources by 23.9% in the 3rd quarter. Principal Financial Group Inc. now owns 468,669 shares of the oil and gas producer’s stock valued at $24,924,000 after acquiring an additional 90,466 shares during the period. Clayton Partners LLC raised its position in shares of California Resources by 35.2% in the 3rd quarter. Clayton Partners LLC now owns 136,100 shares of the oil and gas producer’s stock valued at $7,238,000 after acquiring an additional 35,461 shares during the period. Finally, Gallacher Capital Management LLC acquired a new stake in shares of California Resources in the 3rd quarter valued at approximately $1,002,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Company Profile

(Get Free Report)

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.

Read More