StockNews.com Upgrades California Resources (NYSE:CRC) to Hold

California Resources (NYSE:CRC) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Saturday.

A number of other equities analysts also recently commented on the stock. TD Cowen assumed coverage on shares of California Resources in a report on Friday, August 2nd. They set a “buy” rating and a $65.00 price objective for the company. Jefferies Financial Group assumed coverage on shares of California Resources in a report on Thursday, October 24th. They set a “buy” rating and a $64.00 price objective for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price objective on shares of California Resources in a report on Monday, August 12th. UBS Group started coverage on shares of California Resources in a report on Wednesday, October 16th. They set a “buy” rating and a $68.00 price objective for the company. Finally, Barclays lifted their price target on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.50.

California Resources Stock Performance

NYSE:CRC opened at $56.58 on Friday. California Resources has a 1 year low of $43.09 and a 1 year high of $60.41. The firm’s fifty day simple moving average is $52.87 and its 200 day simple moving average is $50.87. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $3.84 billion, a PE ratio of 8.91, a PEG ratio of 1.43 and a beta of 0.98.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $973.13 million. During the same period in the prior year, the firm earned $1.02 EPS. The business’s revenue was up 194.1% on a year-over-year basis. On average, sell-side analysts anticipate that California Resources will post 3.42 EPS for the current year.

Insider Buying and Selling at California Resources

In related news, VP Noelle M. Repetti sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the transaction, the vice president now directly owns 17,301 shares in the company, valued at approximately $916,953. This represents a 36.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the sale, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. This represents a 4.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,270 shares of company stock worth $1,387,778 over the last ninety days. Insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in California Resources by 61.5% during the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 371 shares during the period. Point72 DIFC Ltd bought a new stake in California Resources during the third quarter worth about $70,000. KBC Group NV lifted its holdings in shares of California Resources by 29.1% in the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after acquiring an additional 431 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of California Resources by 9.4% in the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after acquiring an additional 276 shares during the last quarter. Finally, Atria Investments Inc bought a new position in shares of California Resources in the third quarter worth about $209,000. Institutional investors own 97.79% of the company’s stock.

California Resources Company Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.