Mizuho Boosts California Resources (NYSE:CRC) Price Target to $61.00

California Resources (NYSE:CRC) had its price objective hoisted by stock analysts at Mizuho from $60.00 to $61.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the oil and gas producer’s stock. Mizuho’s target price would suggest a potential upside of 28.30% from the stock’s previous close.

CRC has been the subject of a number of other research reports. Truist Financial raised shares of California Resources to a “strong-buy” rating in a report on Tuesday, May 6th. Roth Capital reaffirmed a “buy” rating on shares of California Resources in a report on Wednesday, May 7th. Barclays raised shares of California Resources from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $50.00 to $60.00 in a report on Friday, May 30th. UBS Group lifted their target price on shares of California Resources from $51.00 to $58.00 and gave the stock a “buy” rating in a report on Monday. Finally, Citigroup lifted their target price on shares of California Resources from $36.00 to $44.00 and gave the stock a “neutral” rating in a report on Monday, May 19th. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $62.00.

California Resources Price Performance

Shares of NYSE CRC traded down $0.31 during mid-day trading on Monday, hitting $47.55. 49,831 shares of the stock were exchanged, compared to its average volume of 836,629. The company has a market cap of $4.24 billion, a P/E ratio of 8.64 and a beta of 1.16. The stock’s fifty day simple moving average is $44.36 and its two-hundred day simple moving average is $44.45. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.74 and a current ratio of 0.83. California Resources has a twelve month low of $30.97 and a twelve month high of $60.41.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.24. The business had revenue of $912.00 million during the quarter, compared to analyst estimates of $862.14 million. California Resources had a net margin of 13.70% and a return on equity of 11.45%. California Resources’s revenue for the quarter was up 100.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.75 earnings per share. As a group, analysts forecast that California Resources will post 3.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRC. Larson Financial Group LLC boosted its stake in California Resources by 269.4% in the 1st quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer’s stock worth $28,000 after purchasing an additional 466 shares during the period. Harbor Capital Advisors Inc. boosted its stake in California Resources by 68.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock worth $34,000 after purchasing an additional 316 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in California Resources in the 1st quarter worth $79,000. Lazard Asset Management LLC boosted its stake in California Resources by 52,366.7% in the 4th quarter. Lazard Asset Management LLC now owns 1,574 shares of the oil and gas producer’s stock worth $81,000 after purchasing an additional 1,571 shares during the period. Finally, Strs Ohio acquired a new position in California Resources in the 1st quarter worth $106,000. Institutional investors and hedge funds 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.