California Resources (NYSE:CRC) Earns “Outperform” Rating from Royal Bank of Canada

California Resources (NYSE:CRC)‘s stock had its “outperform” rating restated by Royal Bank of Canada in a research report issued on Thursday,Benzinga reports. They currently have a $68.00 price target on the oil and gas producer’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 53.48% from the stock’s current price.

A number of other equities research analysts have also commented on CRC. JPMorgan Chase & Co. began coverage on California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 price target on the stock. Barclays cut their price target on California Resources from $57.00 to $55.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Truist Financial started coverage on shares of California Resources in a report on Monday, January 13th. They set a “buy” rating and a $75.00 price objective on the stock. Finally, Capital One Financial raised shares of 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 given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $66.92.

California Resources Price Performance

California Resources stock traded down $0.21 during mid-day trading on Thursday, hitting $44.31. 33,837 shares of the company were exchanged, compared to its average volume of 795,613. The company has a market capitalization of $4.02 billion, a PE ratio of 6.98, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06. The business has a fifty day moving average of $46.81 and a 200 day moving average of $51.21. California Resources has a 1-year low of $38.02 and a 1-year 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.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.05). The firm had revenue of $877.00 million for the quarter, compared to the consensus estimate of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. As a group, sell-side analysts expect that California Resources will post 3.85 earnings per share for the current year.

Insider Transactions at California Resources

In related news, Director James N. Chapman bought 2,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were purchased at an average price of $39.42 per share, with a total value of $78,840.00. Following the completion of the purchase, the director now owns 43,445 shares of the company’s stock, valued at $1,712,601.90. This represents a 4.83 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.03% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On California Resources

Institutional investors have recently modified their holdings of the stock. R Squared Ltd bought a new stake in California Resources in the 4th quarter valued at approximately $31,000. Smartleaf Asset Management LLC lifted its position in shares of California Resources by 331.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock worth $53,000 after purchasing an additional 812 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in California Resources by 71.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock worth $56,000 after purchasing an additional 454 shares during the last quarter. GAMMA Investing LLC grew its position in California Resources by 22.8% in the fourth quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock valued at $62,000 after purchasing an additional 222 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in California Resources in the 3rd quarter valued at $70,000. 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.