Analysts Set California Resources Corp (CRC) Price Target at $37.58

Shares of California Resources Corp (NYSE:CRC) have been assigned a consensus rating of “Buy” from the seven brokerages that are currently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $42.70.

Several equities research analysts have weighed in on the company. ValuEngine cut California Resources from a “buy” rating to a “hold” rating in a report on Tuesday. Evercore ISI assumed coverage on California Resources in a report on Friday, September 21st. They issued an “outperform” rating and a $55.00 price objective for the company. Zacks Investment Research upgraded California Resources from a “sell” rating to a “hold” rating and set a $52.00 price objective for the company in a report on Wednesday, October 3rd. Finally, Societe Generale upgraded California Resources from a “hold” rating to a “buy” rating in a report on Thursday, October 11th.

NYSE CRC opened at $27.68 on Wednesday. California Resources has a fifty-two week low of $13.26 and a fifty-two week high of $50.34. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -6.29 and a beta of 5.50.

California Resources (NYSE:CRC) last released its quarterly earnings data on Thursday, November 1st. The oil and gas producer reported $0.81 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.89. California Resources had a negative return on equity of 3.20% and a negative net margin of 6.39%. The business had revenue of $828.00 million during the quarter, compared to analysts’ expectations of $689.83 million. During the same quarter last year, the business posted ($1.22) EPS. The business’s revenue was up 86.1% on a year-over-year basis. As a group, sell-side analysts forecast that California Resources will post 1.03 earnings per share for the current year.

In other news, Director Harold M. Korell bought 1,848 shares of the stock in a transaction dated Tuesday, November 6th. The stock was bought at an average price of $29.17 per share, for a total transaction of $53,906.16. Following the purchase, the director now directly owns 39,719 shares in the company, valued at approximately $1,158,603.23. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.31% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRC. Dimensional Fund Advisors LP lifted its stake in shares of California Resources by 28.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 196,473 shares of the oil and gas producer’s stock valued at $3,370,000 after purchasing an additional 43,155 shares during the period. Cubist Systematic Strategies LLC lifted its stake in shares of California Resources by 1,469.8% in the 1st quarter. Cubist Systematic Strategies LLC now owns 7,692 shares of the oil and gas producer’s stock valued at $132,000 after purchasing an additional 7,202 shares during the period. Guidant Wealth Advisors lifted its stake in shares of California Resources by 7,327.0% in the 2nd quarter. Guidant Wealth Advisors now owns 4,679 shares of the oil and gas producer’s stock valued at $129,000 after purchasing an additional 4,616 shares during the period. Deprince Race & Zollo Inc. purchased a new position in shares of California Resources in the 2nd quarter valued at approximately $750,000. Finally, Amalgamated Bank purchased a new position in shares of California Resources in the 2nd quarter valued at approximately $262,000. Institutional investors own 68.11% of the company’s stock.

California Resources Company Profile

California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

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Analyst Recommendations for California Resources (NYSE:CRC)

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