California Resources (NYSE:CRC) Coverage Initiated by Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of California Resources (NYSE:CRC) in a research note issued to investors on Friday, MarketBeat reports. The brokerage set a “neutral” rating and a $63.00 price target on the oil and gas producer’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 24.60% from the stock’s previous close.

CRC has been the topic of several other research reports. TD Cowen boosted their price target on shares of California Resources from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. StockNews.com upgraded California Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Capital One Financial upgraded California Resources to a “strong-buy” rating in a report on Monday, December 9th. Stephens assumed coverage on California Resources in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective on the stock. Finally, UBS Group started coverage on California Resources in a research report on Wednesday, October 16th. They set a “buy” rating and a $68.00 target price for the company. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, California Resources currently has an average rating of “Moderate Buy” and an average price target of $66.09.

California Resources Stock Performance

NYSE:CRC opened at $50.56 on Friday. The stock has a 50-day moving average price of $55.02 and a 200 day moving average price of $52.10. 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 stock has a market capitalization of $4.62 billion, a P/E ratio of 7.96, a P/E/G ratio of 1.35 and a beta of 1.01.

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 (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 analyst estimates of $973.13 million. During the same period last year, the firm posted $1.02 EPS. The company’s revenue was up 194.1% on a year-over-year basis. Equities research analysts forecast that California Resources will post 3.58 EPS for the current fiscal year.

Insider Transactions at California Resources

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $55.18, for a total value of $883,762.88. Following the completion of the sale, the executive vice president now directly owns 30,940 shares of the company’s stock, valued at $1,707,269.20. The trade was a 34.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was 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 in the company, 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. Company insiders own 0.03% of the company’s stock.

Institutional Trading of California Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 Asset Management L.P. lifted its position in shares of California Resources by 2,615.2% during the second quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer’s stock valued at $44,865,000 after buying an additional 811,963 shares during the last quarter. Samlyn Capital LLC bought a new position in shares of California Resources during the 2nd quarter worth approximately $28,566,000. Weiss Asset Management LP bought a new position in shares of California Resources during the 3rd quarter worth approximately $28,043,000. American Century Companies Inc. raised its stake in shares of California Resources by 18.1% during the 2nd quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock worth $86,825,000 after acquiring an additional 250,367 shares in the last quarter. Finally, SIR Capital Management L.P. acquired a new stake in California Resources in the second quarter valued at approximately $11,820,000. Institutional investors own 97.79% of the company’s stock.

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.