California Resources (NYSE:CRC) Upgraded at Zacks Research

Zacks Research upgraded shares of California Resources (NYSE:CRC) from a strong sell rating to a hold rating in a research report report published on Thursday,Zacks.com reports.

Several other research firms have also recently weighed in on CRC. UBS Group set a $63.00 price objective on shares of California Resources and gave the company a “buy” rating in a report on Monday, January 26th. TD Cowen upgraded shares of California Resources to a “strong-buy” rating in a research note on Monday, February 9th. Mizuho increased their price target on California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Royal Bank Of Canada set a $70.00 price target on California Resources in a research note on Monday, January 5th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $56.00 price objective (down previously from $58.00) on shares of California Resources in a report on Tuesday, December 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $63.90.

California Resources Price Performance

CRC stock opened at $59.27 on Thursday. California Resources has a one year low of $30.97 and a one year high of $60.03. The firm has a 50 day simple moving average of $49.53 and a two-hundred day simple moving average of $49.49. The stock has a market cap of $4.96 billion, a PE ratio of 13.78 and a beta of 1.15. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.89 and a quick ratio of 0.78.

Institutional Investors Weigh In On California Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC purchased a new position in California Resources during the fourth quarter valued at $26,000. Clearstead Advisors LLC raised its stake in shares of California Resources by 82.5% in the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after buying an additional 226 shares during the period. Pinnacle Holdings LLC bought a new position in shares of California Resources in the fourth quarter worth about $27,000. Salomon & Ludwin LLC purchased a new position in shares of California Resources during the 3rd quarter valued at about $29,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of California Resources during the 2nd quarter valued at approximately $35,000. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

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.