California Resources (NYSE:CRC) Now Covered by Truist Financial

Equities researchers at Truist Financial began coverage on shares of California Resources (NYSE:CRC) in a research report issued to clients and investors on Monday, Marketbeat reports. The brokerage set a “buy” rating and a $75.00 price target on the oil and gas producer’s stock. Truist Financial’s price objective would suggest a potential upside of 42.10% from the stock’s previous close.

A number of other research firms have also recently weighed in on CRC. Capital One Financial raised California Resources to a “strong-buy” rating in a research report on Monday, December 9th. StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Jefferies Financial Group started coverage on shares of California Resources in a research report on Thursday, October 24th. They set a “buy” rating and a $64.00 price objective on the stock. UBS Group started coverage on shares of California Resources in a report on Wednesday, October 16th. They issued a “buy” rating and a $68.00 target price for the company. Finally, TD Cowen raised their price target on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, California Resources currently has an average rating of “Moderate Buy” and a consensus price target of $66.83.

California Resources Price Performance

NYSE CRC opened at $52.78 on Monday. The company has a 50-day moving average price of $54.89 and a 200-day moving average price of $52.48. California Resources has a 52 week low of $43.09 and a 52 week high of $60.41. 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 firm has a market capitalization of $4.82 billion, a P/E ratio of 8.31, a PEG ratio of 1.35 and a beta of 1.05.

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, beating analysts’ consensus estimates of $0.88 by $0.62. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. During the same period in the prior year, the company earned $1.02 earnings per share. The firm’s revenue was up 194.1% on a year-over-year basis. Equities research analysts anticipate that California Resources will post 3.58 earnings per share for the current year.

Insiders Place Their Bets

In related news, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction dated Wednesday, November 6th. The shares were 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 of the company’s stock, valued at $475,603.25. This represents a 50.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Omar Hayat sold 16,016 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the transaction, the executive vice president now owns 30,940 shares of the company’s stock, valued at $1,707,269.20. This trade represents a 34.11 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew its position in California Resources by 22.8% in the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock valued at $62,000 after acquiring an additional 222 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of California Resources by 475.8% in the third quarter. Tidal Investments LLC now owns 30,231 shares of the oil and gas producer’s stock worth $1,586,000 after purchasing an additional 24,981 shares during the last quarter. Geode Capital Management LLC increased its stake in California Resources by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after buying an additional 55,815 shares during the period. MML Investors Services LLC lifted its holdings in California Resources by 33.6% during the 3rd quarter. MML Investors Services LLC now owns 7,183 shares of the oil and gas producer’s stock valued at $377,000 after buying an additional 1,808 shares in the last quarter. Finally, iA Global Asset Management Inc. boosted its position in California Resources by 30.6% in the 3rd quarter. iA Global Asset Management Inc. now owns 4,870 shares of the oil and gas producer’s stock valued at $256,000 after buying an additional 1,140 shares during the period. 97.79% of the stock is owned by institutional investors.

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.