California Resources (NYSE:CRC) Upgraded by Wall Street Zen to “Hold” Rating

California Resources (NYSE:CRC) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Other research analysts also recently issued reports about the company. Wells Fargo & Company upped their price target on California Resources from $72.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday. Mizuho upped their target price on shares of California Resources from $71.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Zacks Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, February 19th. Citigroup boosted their price target on shares of California Resources from $51.00 to $67.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Pickering Energy Partners lowered California Resources from an “outperform” rating to a “neutral” rating in a research report on Friday, January 9th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, California Resources has a consensus rating of “Moderate Buy” and a consensus price target of $69.80.

California Resources Stock Up 1.0%

CRC opened at $63.53 on Friday. The stock has a market cap of $5.64 billion, a price-to-earnings ratio of 15.57 and a beta of 1.12. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.79 and a current ratio of 0.89. The firm’s fifty day moving average is $56.23 and its 200 day moving average is $51.29. California Resources has a fifty-two week low of $30.97 and a fifty-two week high of $66.35.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Monday, March 2nd. The oil and gas producer reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The business had revenue of $924.00 million for the quarter, compared to the consensus estimate of $789.67 million. California Resources had a net margin of 9.89% and a return on equity of 10.23%. California Resources’s revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.91 earnings per share. On average, sell-side analysts forecast that California Resources will post 3.85 earnings per share for the current fiscal year.

Insider Buying and Selling at California Resources

In other news, Director Mark Allen Mcfarland sold 16,372 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $64.83, for a total transaction of $1,061,396.76. Following the sale, the director directly owned 76,265 shares in the company, valued at approximately $4,944,259.95. This represents a 17.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Noelle M. Repetti sold 8,564 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $63.71, for a total transaction of $545,612.44. Following the completion of the transaction, the vice president directly owned 7,684 shares of the company’s stock, valued at approximately $489,547.64. The trade was a 52.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 72,283 shares of company stock valued at $4,636,646. Corporate insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

Several institutional investors have recently modified their holdings of CRC. Rockefeller Capital Management L.P. boosted its holdings in shares of California Resources by 363.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 440 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in California Resources during the 4th quarter valued at $26,000. Clearstead Advisors LLC lifted its position in 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 buying an additional 226 shares during the last quarter. Pinnacle Holdings LLC bought a new stake in California Resources in the fourth quarter worth $27,000. Finally, Salomon & Ludwin LLC purchased a new position in California Resources during the third quarter worth $29,000. 97.79% of the stock is owned by institutional investors.

California Resources Company Profile

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.