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

California Resources (NYSE:CRC)‘s stock had its “outperform” rating reaffirmed by stock analysts at Royal Bank of Canada in a report issued on Thursday,Benzinga reports. They presently have a $68.00 target price on the oil and gas producer’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 53.48% from the stock’s previous close.

Several other brokerages have also weighed in on CRC. JPMorgan Chase & Co. assumed coverage on California Resources in a report on Friday, December 20th. They issued a “neutral” rating and a $63.00 price objective for the company. Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a research report on Monday, December 9th. Truist Financial initiated coverage on California Resources in a research note on Monday, January 13th. They set a “buy” rating and a $75.00 target price on the stock. Finally, Barclays dropped their price target on shares of California Resources from $57.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $66.92.

California Resources Stock Performance

NYSE CRC traded down $0.21 during trading hours on Thursday, hitting $44.31. The company had a trading volume of 33,837 shares, compared to its average volume of 795,613. 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 has a fifty-two week low of $38.02 and a fifty-two week high of $60.41. The business has a fifty day simple moving average of $46.81 and a 200-day simple moving average of $51.21. The firm has a market cap of $4.02 billion, a P/E ratio of 6.98, a price-to-earnings-growth ratio of 1.02 and a beta of 1.06.

California Resources (NYSE:CRC) last posted its earnings results on Monday, March 3rd. The oil and gas producer reported $0.91 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.05). The business had revenue of $877.00 million during the quarter, compared to analyst estimates of $901.36 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. Equities analysts predict that California Resources will post 3.85 EPS for the current year.

Insider Buying and Selling

In other news, Director James N. Chapman bought 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average cost of $39.42 per share, with a total value of $78,840.00. Following the completion of the transaction, the director now directly owns 43,445 shares in the company, valued at $1,712,601.90. This represents a 4.83 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.03% of the stock is owned by insiders.

Institutional Trading of California Resources

A number of hedge funds have recently modified their holdings of the company. First Trust Advisors LP raised its stake in shares of California Resources by 14.2% in the fourth quarter. First Trust Advisors LP now owns 6,818,266 shares of the oil and gas producer’s stock valued at $353,800,000 after purchasing an additional 845,694 shares in the last quarter. Weiss Asset Management LP acquired a new position in shares of California Resources in the 3rd quarter valued at $28,043,000. Palo Duro Investment Partners LP bought a new position in shares of California Resources during the 4th quarter worth about $20,752,000. American Century Companies Inc. lifted its holdings in shares of California Resources by 14.2% during the 4th quarter. American Century Companies Inc. now owns 2,327,712 shares of the oil and gas producer’s stock worth $120,785,000 after acquiring an additional 290,263 shares during the period. Finally, Balyasny Asset Management L.P. boosted its position in shares of California Resources by 285.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 318,593 shares of the oil and gas producer’s stock valued at $16,532,000 after acquiring an additional 235,955 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

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.