California Resources (NYSE:CRC) Rating Increased to Buy at Wall Street Zen

California Resources (NYSE:CRC) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

CRC has been the topic of a number of other research reports. Citigroup upped their price objective on shares of California Resources from $36.00 to $44.00 and gave the stock a “neutral” rating in a report on Monday, May 19th. Bank of America cut their price objective on shares of California Resources from $64.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, April 29th. UBS Group upped their price objective on shares of California Resources from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Mizuho cut their price target on shares of California Resources from $64.00 to $60.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Finally, Truist Financial upgraded shares of California Resources to a “strong-buy” rating in a report on Tuesday, May 6th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $61.27.

California Resources Price Performance

Shares of NYSE CRC opened at $46.50 on Friday. California Resources has a 1 year low of $30.97 and a 1 year high of $60.41. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.83 and a quick ratio of 0.74. The company’s 50-day moving average is $40.92 and its 200 day moving average is $45.27. The stock has a market capitalization of $4.15 billion, a P/E ratio of 8.44 and a beta of 1.17.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.24. The business had revenue of $912.00 million for the quarter, compared to analysts’ expectations of $862.14 million. California Resources had a net margin of 13.70% and a return on equity of 11.45%. The business’s revenue was up 100.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.75 earnings per share. On average, sell-side analysts expect that California Resources will post 3.85 earnings per share for the current year.

Hedge Funds Weigh In On California Resources

Several institutional investors have recently bought and sold shares of the stock. Voya Investment Management LLC grew its stake in California Resources by 27.6% during the first quarter. Voya Investment Management LLC now owns 52,384 shares of the oil and gas producer’s stock valued at $2,303,000 after acquiring an additional 11,336 shares in the last quarter. Strs Ohio purchased a new position in California Resources during the first quarter valued at $106,000. Intech Investment Management LLC grew its stake in California Resources by 17.7% during the first quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock valued at $1,401,000 after acquiring an additional 4,783 shares in the last quarter. Empowered Funds LLC grew its stake in California Resources by 3.8% during the first quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock valued at $2,233,000 after acquiring an additional 1,857 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake 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 acquiring an additional 181,833 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

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.