California Resources Corporation (NYSE:CRC) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of California Resources Corporation (NYSE:CRC) have received a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $63.90.

A number of research firms have recently weighed in on CRC. TD Cowen upgraded California Resources to a “strong-buy” rating in a research report on Monday, February 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a research note on Wednesday, January 21st. Royal Bank Of Canada set a $70.00 price objective on shares of California Resources in a research report on Monday, January 5th. Pickering Energy Partners downgraded shares of California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $56.00 target price (down from $58.00) on shares of California Resources in a report on Tuesday, December 9th.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC increased its stake in shares of California Resources by 89.1% in the 1st quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock valued at $2,046,000 after purchasing an additional 21,923 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in California Resources by 6.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock valued at $1,832,000 after buying an additional 2,394 shares in the last quarter. Goldman Sachs Group Inc. grew its position in California Resources by 38.2% in 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 during the last quarter. Empowered Funds LLC raised 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 worth $2,233,000 after acquiring an additional 1,857 shares in the last quarter. Finally, Intech Investment Management LLC raised 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 worth $1,401,000 after acquiring an additional 4,783 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

California Resources Stock Performance

Shares of NYSE:CRC opened at $56.95 on Tuesday. California Resources has a 12-month low of $30.97 and a 12-month high of $58.41. The company’s 50 day moving average price is $48.67 and its two-hundred day moving average price is $49.20. The firm has a market cap of $4.77 billion, a PE ratio of 13.24 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.

About California Resources

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.