California Resources (NYSE:CRC) Upgraded at TD Cowen

TD Cowen upgraded shares of California Resources (NYSE:CRC) to a strong-buy rating in a report issued on Monday,Zacks.com reports.

A number of other equities analysts have also weighed in on CRC. Zacks Research lowered shares of California Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, January 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a research note on Wednesday, January 21st. UBS Group set a $63.00 target price on California Resources and gave the stock a “buy” rating in a report on Monday, January 26th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $56.00 price target (down previously from $58.00) on shares of California Resources in a report on Tuesday, December 9th. Finally, Mizuho boosted their price objective on California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $63.90.

California Resources Price Performance

CRC stock opened at $56.80 on Monday. The firm has a 50 day moving average price of $48.13 and a 200-day moving average price of $49.05. The firm has a market capitalization of $4.76 billion, a price-to-earnings ratio of 13.21 and a beta of 1.15. California Resources has a 52-week low of $30.97 and a 52-week high of $58.41. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 0.89.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CRC. Clearstead Advisors LLC grew its holdings in shares of California Resources by 82.5% in the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after purchasing an additional 226 shares during the last quarter. Salomon & Ludwin LLC bought a new position in shares of California Resources in the 3rd quarter worth $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of California Resources during the second quarter valued at about $35,000. FNY Investment Advisers LLC purchased a new stake in California Resources during the third quarter valued at approximately $36,000. Finally, Allworth Financial LP lifted its holdings in shares of California Resources by 328.6% during the 3rd quarter. Allworth Financial LP now owns 780 shares of the oil and gas producer’s stock valued at $41,000 after purchasing an additional 598 shares during the last quarter. Institutional investors 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.