California Resources (NYSE:CRC) Receives “Outperform” Rating from Royal Bank of Canada

California Resources (NYSE:CRC)‘s stock had its “outperform” rating reissued by equities researchers at Royal Bank of Canada in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $70.00 price objective on the oil and gas producer’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 29.37% from the stock’s previous close.

CRC has been the subject of several other reports. TD Cowen increased their price target on shares of California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Capital One Financial upgraded shares of California Resources to a “strong-buy” rating in a research note on Monday, December 9th. JPMorgan Chase & Co. started coverage on California Resources in a research report on Friday, December 20th. They set a “neutral” rating and a $63.00 price target on the stock. Jefferies Financial Group started coverage on California Resources in a research report on Thursday, October 24th. They issued a “buy” rating and a $64.00 price objective for the company. Finally, Stephens initiated coverage on California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.25.

California Resources Stock Performance

Shares of CRC stock opened at $54.11 on Tuesday. The firm has a market cap of $4.94 billion, a price-to-earnings ratio of 8.52, a PEG ratio of 1.31 and a beta of 1.01. 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 company’s 50 day moving average is $54.92 and its 200 day moving average is $52.49.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business’s revenue was up 194.1% compared to the same quarter last year. During the same period last year, the business posted $1.02 EPS. On average, sell-side analysts anticipate that California Resources will post 3.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the sale, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Noelle M. Repetti sold 8,770 shares of the business’s 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 completion of the transaction, 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 position. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by insiders.

Institutional Investors Weigh In On California Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in California Resources by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,576,306 shares of the oil and gas producer’s stock worth $190,328,000 after buying an additional 165,629 shares in the last quarter. State Street Corp boosted its stake in shares of California Resources by 5.1% during the 3rd quarter. State Street Corp now owns 3,449,988 shares of the oil and gas producer’s stock worth $181,021,000 after acquiring an additional 168,278 shares in the last quarter. Geode Capital Management LLC grew its position in shares of California Resources by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock valued at $83,583,000 after acquiring an additional 55,815 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of California Resources by 8.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock valued at $51,116,000 after purchasing an additional 75,606 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in California Resources by 2,615.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer’s stock worth $44,865,000 after purchasing an additional 811,963 shares during the period. Institutional investors and hedge funds 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.