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

California Resources (NYSE:CRC) had its price objective raised by research analysts at TD Cowen from $65.00 to $74.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the oil and gas producer’s stock. TD Cowen’s price target points to a potential upside of 27.74% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. Royal Bank of Canada restated an “outperform” rating and set a $65.00 target price on shares of California Resources in a report on Monday, August 12th. Citigroup increased their price objective on California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Barclays upped their target price on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Jefferies Financial Group began coverage on shares of California Resources in a report on Thursday, October 24th. They issued a “buy” rating and a $64.00 price objective on the stock. Finally, Bank of America raised California Resources from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, California Resources currently has a consensus rating of “Moderate Buy” and an average target price of $66.40.

California Resources Price Performance

Shares of NYSE:CRC traded down $0.12 during trading on Tuesday, reaching $57.93. The company had a trading volume of 116,990 shares, compared to its average volume of 839,964. The stock has a market capitalization of $3.93 billion, a P/E ratio of 9.12, a price-to-earnings-growth ratio of 1.48 and a beta of 0.98. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. California Resources has a 12 month low of $43.09 and a 12 month high of $60.41. The company has a fifty day moving average of $54.00 and a two-hundred day moving average of $51.15.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $973.13 million. During the same period last year, the firm posted $1.02 EPS. California Resources’s revenue for the quarter was up 194.1% compared to the same quarter last year. Equities research analysts forecast that California Resources will post 3.42 earnings per share for the current year.

Insider Buying and Selling

In other California Resources news, CEO Francisco Leon sold 7,500 shares of California Resources stock in a transaction that occurred 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 transaction, the chief executive officer now owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The trade was a 4.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the sale, the vice president now directly owns 8,531 shares of the company’s stock, valued at approximately $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,270 shares of company stock valued at $1,387,778. 0.63% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRC. GAMMA Investing LLC boosted its stake in California Resources by 61.5% during 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 during the last quarter. Point72 DIFC Ltd purchased a new position in shares of California Resources in the third quarter valued at $70,000. KBC Group NV increased its position in California Resources by 29.1% in the third quarter. KBC Group NV now owns 1,910 shares of the oil and gas producer’s stock worth $100,000 after purchasing an additional 431 shares during the last quarter. Farther Finance Advisors LLC raised its stake in 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 valued at $169,000 after purchasing an additional 276 shares in the last quarter. Finally, Atria Investments Inc bought a new position in California Resources during the third quarter valued at $209,000. 97.79% of the stock is currently owned by institutional investors.

About California Resources

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.