Barclays Forecasts Strong Price Appreciation for California Resources (NYSE:CRC) Stock

California Resources (NYSE:CRC) had its target price boosted by equities research analysts at Barclays from $65.00 to $67.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas producer’s stock. Barclays‘s price objective suggests a potential upside of 7.75% from the stock’s current price.

Several other research firms have also issued reports on CRC. Wells Fargo & Company reissued an “overweight” rating and issued a $56.00 price target (down from $58.00) on shares of California Resources in a research report on Tuesday, December 9th. Royal Bank Of Canada set a $70.00 price objective on shares of California Resources in a research note on Monday, January 5th. UBS Group set a $63.00 target price on California Resources and gave the stock a “buy” rating in a research report on Monday, January 26th. TD Cowen raised California Resources to a “strong-buy” rating in a report on Monday, February 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a research note on Wednesday, January 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $65.70.

California Resources Stock Up 2.8%

Shares of NYSE CRC opened at $62.18 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.89 and a quick ratio of 0.78. The stock has a market capitalization of $5.51 billion, a PE ratio of 15.24 and a beta of 1.12. California Resources has a one year low of $30.97 and a one year high of $62.69. The business’s fifty day moving average price is $51.90 and its 200-day moving average price is $50.12.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Monday, March 2nd. The oil and gas producer reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). The firm had revenue of $924.00 million during the quarter, compared to analysts’ expectations of $789.67 million. California Resources had a return on equity of 10.23% and a net margin of 9.89%.The company’s revenue was up 5.4% compared to the same quarter last year. During the same period last year, the business posted $0.91 EPS. On average, equities research analysts anticipate that California Resources will post 3.85 EPS for the current year.

Hedge Funds Weigh In On California Resources

Institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC boosted its position in shares of California Resources by 89.1% during the 1st quarter. AQR Capital Management LLC now owns 46,532 shares of the oil and gas producer’s stock valued at $2,046,000 after acquiring an additional 21,923 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in California Resources by 6.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,663 shares of the oil and gas producer’s stock valued at $1,832,000 after purchasing an additional 2,394 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in California Resources by 38.2% during the first quarter. Goldman Sachs Group Inc. now owns 657,628 shares of the oil and gas producer’s stock valued at $28,916,000 after purchasing an additional 181,833 shares during the last quarter. Empowered Funds LLC grew its stake in California Resources by 3.8% in the 1st quarter. Empowered Funds LLC now owns 50,786 shares of the oil and gas producer’s stock worth $2,233,000 after buying an additional 1,857 shares in the last quarter. Finally, Intech Investment Management LLC grew its stake in California Resources by 17.7% in the 1st quarter. Intech Investment Management LLC now owns 31,870 shares of the oil and gas producer’s stock worth $1,401,000 after buying an additional 4,783 shares in the last quarter. 97.79% of the stock is currently owned by institutional investors.

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.