California Resources (NYSE:CRC) Stock Price Expected to Rise, TD Cowen Analyst Says

California Resources (NYSE:CRC) had its price target increased by stock analysts at TD Cowen from $65.00 to $74.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the oil and gas producer’s stock. TD Cowen’s target price indicates a potential upside of 26.58% from the stock’s current price.

A number of other research firms have also recently commented on CRC. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and upped their target price for the company from $57.00 to $65.00 in a research report on Wednesday, August 21st. Citigroup lifted their price objective on California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Stephens began coverage on California Resources in a report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price for the company. Barclays increased their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Finally, Jefferies Financial Group started coverage on shares of California Resources in a report on Thursday, October 24th. They set a “buy” rating and a $64.00 target price on the stock. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, California Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.40.

California Resources Price Performance

CRC stock opened at $58.46 on Tuesday. The business has a 50 day simple moving average of $54.12 and a 200-day simple moving average of $51.22. The firm has a market capitalization of $3.97 billion, a PE ratio of 9.23, a price-to-earnings-growth ratio of 1.44 and a beta of 0.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources has a 1 year low of $43.09 and a 1 year high of $60.41.

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

Insiders Place Their Bets

In other news, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $49.18, for a total value of $368,850.00. Following the sale, the chief executive officer now owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The trade was a 4.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the sale, the vice president now owns 8,531 shares in the company, valued at approximately $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,270 shares of company stock valued at $1,387,778. 0.63% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its holdings in shares of California Resources by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,576,306 shares of the oil and gas producer’s stock worth $190,328,000 after acquiring an additional 165,629 shares during the period. State Street Corp increased its position in shares of California Resources by 5.1% in the third quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock valued at $181,021,000 after buying an additional 168,278 shares in the last quarter. American Century Companies Inc. increased its position in shares of California Resources by 18.1% in the second quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock valued at $86,825,000 after buying an additional 250,367 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of California Resources by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after buying an additional 55,815 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of California Resources by 10.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,078,123 shares of the oil and gas producer’s stock worth $57,378,000 after buying an additional 104,504 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

About California Resources

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.