California Resources (NYSE:CRC) Price Target Lowered to $67.00 at UBS Group

California Resources (NYSE:CRC) had its price objective reduced by analysts at UBS Group from $70.00 to $67.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas producer’s stock. UBS Group’s target price would indicate a potential upside of 23.06% from the company’s previous close.

CRC has been the topic of a number of other research reports. Stephens set a $85.00 price objective on California Resources and gave the stock an “overweight” rating in a research note on Friday, July 17th. Zacks Research lowered California Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 15th. Barclays reissued an “overweight” rating and set a $77.00 price target (down from $80.00) on shares of California Resources in a research report on Tuesday. Citigroup dropped their price objective on shares of California Resources from $78.00 to $70.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Finally, Wall Street Zen cut shares of California Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, California Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.55.

California Resources Stock Up 0.6%

Shares of NYSE CRC opened at $54.45 on Wednesday. The stock has a market cap of $4.83 billion, a PE ratio of -39.96 and a beta of 0.93. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 0.45. California Resources has a 12-month low of $43.24 and a 12-month high of $71.98. The company has a 50-day moving average of $53.88 and a 200 day moving average of $58.70.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). California Resources had a negative net margin of 3.79% and a positive return on equity of 9.87%. The company had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $960.20 million. During the same quarter last year, the company earned $1.10 earnings per share. California Resources’s revenue for the quarter was up 33.0% on a year-over-year basis. As a group, sell-side analysts predict that California Resources will post 4.02 EPS for the current fiscal year.

Insider Activity

In other news, EVP Jay A. Bys sold 11,907 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the sale, the executive vice president directly owned 159,424 shares of the company’s stock, valued at approximately $8,608,896. The trade was a 6.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.53% of the company’s stock.

Institutional Trading of California Resources

Several institutional investors have recently added to or reduced their stakes in CRC. Great Lakes Advisors LLC purchased a new stake in California Resources in the second quarter valued at approximately $2,829,000. Bank of New York Mellon Corp purchased a new position in shares of California Resources during the second quarter worth $63,205,000. Farther Finance Advisors LLC grew its stake in shares of California Resources by 56.7% in the second quarter. Farther Finance Advisors LLC now owns 2,086 shares of the oil and gas producer’s stock valued at $110,000 after buying an additional 755 shares in the last quarter. Burns Matteson Capital Management LLC acquired a new stake in shares of California Resources in the second quarter valued at $421,000. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of California Resources by 2.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 17,706 shares of the oil and gas producer’s stock valued at $929,000 after buying an additional 413 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

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.