Stephens Cuts California Resources (NYSE:CRC) Price Target to $91.00

California Resources (NYSE:CRC) had its target price reduced by equities researchers at Stephens from $93.00 to $91.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the oil and gas producer’s stock. Stephens’ price objective would suggest a potential upside of 67.12% from the company’s current price.

A number of other research analysts have also issued reports on CRC. Weiss Ratings upgraded California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Seaport Research Partners assumed coverage on California Resources in a report on Thursday, September 3rd. They set a “neutral” rating on the stock. Royal Bank Of Canada restated an “outperform” rating and set a $77.00 price objective on shares of California Resources in a research note on Monday. Roth Capital reaffirmed a “buy” rating and issued a $59.00 price objective (up from $58.00) on shares of California Resources in a report on Thursday. Finally, Stifel Nicolaus started coverage on shares of California Resources in a research report on Thursday, September 10th. They issued a “buy” rating and a $68.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $73.17.

California Resources Stock Performance

CRC opened at $54.45 on Friday. The business’s 50 day moving average is $53.28 and its 200-day moving average is $58.48. The stock has a market cap of $4.84 billion, a PE ratio of -40.04 and a beta of 0.90. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 0.38. California Resources has a twelve month low of $43.24 and a twelve month high of $71.98.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Monday, August 10th. The oil and gas producer reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%.The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $960.20 million. During the same period last year, the company earned $1.10 earnings per share. The business’s quarterly revenue was up 33.0% compared to the same quarter last year. On average, analysts predict that California Resources will post 3.9 earnings per share for the current year.

Insider Buying and Selling

In other California Resources news, EVP Jay Bys sold 11,907 shares of the company’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the completion of the sale, the executive vice president directly owned 135,610 shares of the company’s stock, valued at approximately $7,322,940. This represents a 8.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,721 shares of company stock valued at $1,928,934 in the last quarter. 0.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On California Resources

Several hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC acquired a new stake in shares of California Resources during the 2nd quarter valued at $109,000. Corient Private Wealth LP boosted its stake in shares of California Resources by 61.2% during the 2nd quarter. Corient Private Wealth LP now owns 11,799 shares of the oil and gas producer’s stock worth $624,000 after acquiring an additional 4,479 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of California Resources in the 2nd quarter worth $1,316,000. Readystate Asset Management LP grew its holdings in shares of California Resources by 242.3% in the 2nd quarter. Readystate Asset Management LP now owns 82,255 shares of the oil and gas producer’s stock worth $4,349,000 after acquiring an additional 58,223 shares during the last quarter. Finally, Odyssean LLC acquired a new stake in shares of California Resources during the second quarter worth $445,000. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an energy company focused on developing and producing oil and natural gas resources in California. Its operations include exploration, drilling, production, processing and marketing of crude oil, natural gas and natural gas liquids, primarily for customers in the California market.

The company’s assets are located in several of California’s major petroleum-producing regions, including the San Joaquin, Los Angeles and Sacramento basins. California Resources also manages related infrastructure and mineral interests associated with its production operations.

In addition to conventional energy production, California Resources has pursued carbon management opportunities through its Carbon TerraVault platform.