California Resources (NYSE:CRC) Coverage Initiated by Analysts at Stifel Nicolaus

by · The Cerbat Gem

Stock analysts at Stifel Nicolaus started coverage on shares of California Resources (NYSE:CRC – Get Free Report) in a report released on Thursday. The brokerage set a “buy” rating and a $68.00 price target on the oil and gas producer’s stock. Stifel Nicolaus’ target price points to a potential upside of 21.61% from the stock’s previous close.

CRC has been the topic of several other research reports. Weiss Ratings upgraded shares of California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Wall Street Zen lowered California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. UBS Group decreased their target price on California Resources from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Citigroup cut their target price on California Resources from $78.00 to $70.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Finally, Mizuho upped their target price on California Resources from $86.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, California Resources currently has an average rating of “Moderate Buy” and an average target price of $71.92.

Get Our Latest Stock Report on CRC

California Resources Price Performance

NYSE CRC traded down $0.78 on Thursday, reaching $55.92. The company’s stock had a trading volume of 27,671 shares, compared to its average volume of 881,547. California Resources has a twelve month low of $43.24 and a twelve month high of $71.98. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.56 and a current ratio of 0.66. The firm’s 50 day moving average is $52.76 and its two-hundred day moving average is $58.59. The stock has a market cap of $4.97 billion, a PE ratio of -41.16 and a beta of 0.90.

California Resources (NYSE:CRC – Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by ($0.37). California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%.The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $960.20 million. During the same period in the prior year, the firm earned $1.10 EPS. The business’s revenue for the quarter was up 33.0% on a year-over-year basis. As a group, sell-side analysts predict that California Resources will post 3.9 EPS for the current year.

Insider Buying and Selling

In related news, EVP Jay Bys sold 11,907 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the transaction, the executive vice president owned 135,610 shares of the company’s stock, valued at approximately $7,322,940. This trade represents a 8.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 35,721 shares of company stock valued at $1,928,934. Company insiders own 0.53% of the company’s stock.

Institutional Trading of California Resources

Large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in shares of California Resources by 89.1% in the first quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock worth $2,046,000 after buying an additional 21,923 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in California Resources by 6.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock valued at $1,832,000 after buying an additional 2,394 shares during the period. Goldman Sachs Group Inc. raised its position in California Resources by 38.2% during the first quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock valued at $28,916,000 after buying an additional 181,833 shares during the period. Empowered Funds LLC lifted its stake in California Resources by 3.8% in the 1st quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock worth $2,233,000 after acquiring an additional 1,857 shares in the last quarter. Finally, Intech Investment Management LLC lifted its stake in California Resources by 17.7% in the 1st quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock worth $1,401,000 after acquiring an additional 4,783 shares in the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

About California Resources

(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.

See Also