California Resources (NYSE:CRC) Upgraded at Wall Street Zen

California Resources (NYSE:CRC) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Monday.

CRC has been the topic of a number of other reports. Royal Bank Of Canada set a $70.00 target price on shares of California Resources in a research note on Monday, January 5th. Mizuho raised their price target on California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Barclays boosted their price objective on shares of California Resources from $67.00 to $72.00 and gave the company an “overweight” rating in a research report on Monday, March 16th. Pickering Energy Partners cut California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Finally, Wells Fargo & Company increased their target price on California Resources from $72.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 17th. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $70.50.

California Resources Stock Down 0.1%

California Resources stock opened at $67.66 on Monday. California Resources has a fifty-two week low of $30.97 and a fifty-two week high of $71.98. The firm’s 50-day simple moving average is $60.12 and its 200 day simple moving average is $52.32. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.79 and a current ratio of 0.89. The stock has a market cap of $6.00 billion, a PE ratio of 16.58 and a beta of 1.04.

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

Insider Buying and Selling at California Resources

In related news, Director Mark Allen Mcfarland sold 16,372 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $64.83, for a total value of $1,061,396.76. Following the transaction, the director owned 76,265 shares of the company’s stock, valued at approximately $4,944,259.95. This trade represents a 17.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Christopher D. Gould sold 24,347 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $62.21, for a total transaction of $1,514,626.87. Following the sale, the executive vice president owned 131,537 shares of the company’s stock, valued at $8,182,916.77. This trade represents a 15.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 72,283 shares of company stock worth $4,636,646 over the last quarter. Company insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

Several hedge funds and other institutional investors have recently modified their holdings of CRC. Victory Capital Management Inc. lifted its position in shares of California Resources by 200.7% in the fourth quarter. Victory Capital Management Inc. now owns 2,344,493 shares of the oil and gas producer’s stock valued at $104,822,000 after acquiring an additional 1,564,866 shares in the last quarter. Channing Capital Management LLC grew its position in shares of California Resources by 1,263.4% during the fourth quarter. Channing Capital Management LLC now owns 1,590,707 shares of the oil and gas producer’s stock worth $71,121,000 after purchasing an additional 1,474,037 shares in the last quarter. Sourcerock Group LLC raised its stake in California Resources by 63.8% during the 2nd quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock valued at $91,370,000 after purchasing an additional 779,280 shares during the period. Invesco Ltd. lifted its holdings in California Resources by 155.8% in the 2nd quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock worth $48,527,000 after purchasing an additional 647,190 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in California Resources by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,181,806 shares of the oil and gas producer’s stock worth $186,968,000 after purchasing an additional 632,170 shares in the last quarter. 97.79% of the stock is currently owned by hedge funds and other 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.