Wells Fargo & Company Forecasts Strong Price Appreciation for California Resources (NYSE:CRC) Stock

California Resources (NYSE:CRC) had its price target upped by analysts at Wells Fargo & Company from $56.00 to $72.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 13.23% from the company’s current price.

Several other brokerages have also recently issued reports on CRC. Mizuho raised their target price on shares of California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a research report on Wednesday, January 21st. UBS Group set a $63.00 price objective on California Resources and gave the stock a “buy” rating in a report on Monday, January 26th. Barclays lifted their target price on shares of California Resources from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Pickering Energy Partners cut shares of California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.90.

California Resources Price Performance

Shares of NYSE:CRC opened at $63.59 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.35. The stock has a market cap of $5.63 billion, a PE ratio of 15.59 and a beta of 1.12. The company’s fifty day moving average is $52.29 and its 200 day moving average is $50.22. California Resources has a 52 week low of $30.97 and a 52 week high of $64.11.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The company had revenue of $924.00 million for the quarter, compared to the consensus estimate of $789.67 million. California Resources had a net margin of 9.89% and a return on equity of 10.23%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period last year, the business posted $0.91 earnings per share. Research analysts anticipate that California Resources will post 3.85 earnings per share for the current year.

Institutional Trading of California Resources

Several large investors have recently added to or reduced their stakes in CRC. Invesco Ltd. increased its holdings in California Resources by 3.0% during the fourth quarter. Invesco Ltd. now owns 1,102,049 shares of the oil and gas producer’s stock valued at $49,273,000 after buying an additional 32,460 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of California Resources by 8.2% during the 4th quarter. Mackenzie Financial Corp now owns 11,313 shares of the oil and gas producer’s stock worth $504,000 after acquiring an additional 862 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its position in shares of California Resources by 12.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,616,761 shares of the oil and gas producer’s stock valued at $72,285,000 after acquiring an additional 174,154 shares during the period. Empowered Funds LLC increased its stake in shares of California Resources by 116.0% in the 4th quarter. Empowered Funds LLC now owns 100,631 shares of the oil and gas producer’s stock worth $4,499,000 after purchasing an additional 54,041 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in California Resources in the 4th quarter worth $3,008,000. 97.79% of the stock is currently owned by institutional investors.

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.