TD Cowen Upgrades California Resources (NYSE:CRC) to Strong-Buy

California Resources (NYSE:CRC) was upgraded by equities research analysts at TD Cowen to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

Several other research firms also recently commented on CRC. Zacks Research downgraded shares of California Resources from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 1st. Wells Fargo & Company restated an “overweight” rating and issued a $56.00 price objective (down from $58.00) on shares of California Resources in a research note on Tuesday, December 9th. Royal Bank Of Canada set a $70.00 target price on shares of California Resources in a research note on Monday, January 5th. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Finally, Pickering Energy Partners cut California Resources from an “outperform” rating to a “neutral” rating in a research report on Friday, January 9th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $63.90.

California Resources Stock Down 1.7%

Shares of NYSE CRC opened at $54.88 on Monday. The business has a 50-day moving average price of $47.95 and a 200 day moving average price of $49.00. The stock has a market cap of $4.59 billion, a PE ratio of 12.76 and a beta of 1.15. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26. California Resources has a 52-week low of $30.97 and a 52-week high of $58.41.

Hedge Funds Weigh In On California Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CIBC Asset Management Inc raised its stake in shares of California Resources by 11.6% during the 4th quarter. CIBC Asset Management Inc now owns 7,545 shares of the oil and gas producer’s stock worth $337,000 after buying an additional 783 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in California Resources by 69.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,214,692 shares of the oil and gas producer’s stock worth $54,309,000 after acquiring an additional 498,635 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in California Resources by 4.9% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,444 shares of the oil and gas producer’s stock worth $869,000 after acquiring an additional 904 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in California Resources by 22.4% in the fourth quarter. BNP Paribas Financial Markets now owns 242,393 shares of the oil and gas producer’s stock valued at $10,837,000 after acquiring an additional 44,313 shares during the period. Finally, South Street Advisors LLC boosted its position in shares of California Resources by 7.1% during the 4th quarter. South Street Advisors LLC now owns 35,600 shares of the oil and gas producer’s stock worth $1,592,000 after purchasing an additional 2,355 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 (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.