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

California Resources (NYSE:CRC) had its price objective hoisted by investment analysts at TD Cowen from $65.00 to $74.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the oil and gas producer’s stock. TD Cowen’s target price suggests a potential upside of 26.58% from the stock’s previous close.

CRC has been the topic of a number of other reports. StockNews.com raised shares of California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Citigroup lifted their price objective on shares of California Resources from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, September 5th. UBS Group began coverage on shares of California Resources in a research report on Wednesday, October 16th. They set a “buy” rating and a $68.00 target price on the stock. Finally, Stephens assumed coverage on California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price for the company. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.40.

California Resources Stock Performance

Shares of NYSE:CRC opened at $58.46 on Tuesday. The firm has a fifty day simple moving average of $54.12 and a two-hundred day simple moving average of $51.22. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $3.97 billion, a P/E ratio of 9.23, a PEG ratio of 1.44 and a beta of 0.98. California Resources has a 52 week low of $43.09 and a 52 week high of $60.41.

California Resources (NYSE:CRC) last announced its earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company’s quarterly revenue was up 194.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 EPS. On average, analysts expect that California Resources will post 3.42 earnings per share for the current fiscal year.

Insider Activity at California Resources

In related news, CEO Francisco Leon sold 7,500 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $49.18, for a total transaction of $368,850.00. Following the completion of the transaction, the chief executive officer now owns 166,357 shares of the company’s stock, valued at $8,181,437.26. This trade represents a 4.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total value of $488,927.50. Following the sale, the vice president now directly owns 8,531 shares in the company, valued at $475,603.25. This represents a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,270 shares of company stock valued at $1,387,778 in the last ninety days. Company insiders own 0.63% of the company’s stock.

Institutional Investors Weigh In On California Resources

Several hedge funds have recently bought and sold shares of CRC. GAMMA Investing LLC increased its holdings in California Resources by 61.5% in the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 371 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in California Resources in the 3rd quarter worth $70,000. KBC Group NV lifted its holdings in California Resources by 29.1% during the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock valued at $100,000 after purchasing an additional 431 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of California Resources by 9.4% during the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after purchasing an additional 276 shares in the last quarter. Finally, Atria Investments Inc acquired a new position in shares of California Resources during the 3rd quarter worth about $209,000. Hedge funds and other institutional investors 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.