California Resources (NYSE:CRC) PT Set at $58.00 by UBS Group

California Resources (NYSE:CRC) has been given a $58.00 price target by analysts at UBS Group in a research note issued to investors on Monday, MarketBeat reports. The brokerage presently has a “buy” rating on the oil and gas producer’s stock. UBS Group’s price target would indicate a potential upside of 23.22% from the company’s current price.

Other analysts have also recently issued reports about the stock. Mizuho lowered their target price on shares of California Resources from $64.00 to $60.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. Barclays raised shares of California Resources from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $50.00 to $60.00 in a report on Friday, May 30th. Roth Capital reaffirmed a “buy” rating on shares of California Resources in a research note on Wednesday, May 7th. Royal Bank Of Canada lowered their target price on shares of California Resources from $68.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, April 11th. Finally, Truist Financial raised shares of California Resources to a “strong-buy” rating in a research report on Tuesday, May 6th. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $62.00.

California Resources Price Performance

Shares of NYSE CRC traded down $0.53 during midday trading on Monday, reaching $47.07. The stock had a trading volume of 839,893 shares, compared to its average volume of 838,261. The stock has a 50-day moving average of $44.61 and a 200-day moving average of $44.43. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.74 and a current ratio of 0.83. The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of 8.54 and a beta of 1.16. California Resources has a 12-month low of $30.97 and a 12-month high of $60.41.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.24. The business had revenue of $912.00 million for the quarter, compared to the consensus estimate 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 for the quarter was up 100.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.75 earnings per share. As a group, research analysts anticipate that California Resources will post 3.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC bought a new position in California Resources in the second quarter worth approximately $624,000. Pallas Capital Advisors LLC purchased a new position in shares of California Resources in the 2nd quarter worth about $362,000. Voya Investment Management LLC boosted its position 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 buying an additional 11,336 shares during the period. Strs Ohio purchased a new position in shares of California Resources in the first quarter worth $106,000. Finally, Intech Investment Management LLC boosted its holdings in California Resources by 17.7% in 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. Institutional investors and hedge funds own 97.79% of the company’s stock.

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.