Truist Financial Initiates Coverage on California Resources (NYSE:CRC)

Investment analysts at Truist Financial started coverage on shares of California Resources (NYSE:CRC) in a research report issued 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 target points to a potential upside of 39.33% from the stock’s current price.

Other analysts have also issued research reports about the company. Capital One Financial raised California Resources to a “strong-buy” rating in a report on Monday, December 9th. Barclays increased their price objective on shares of California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. Stephens initiated coverage on shares of California Resources in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 target price for the company. JPMorgan Chase & Co. assumed coverage on shares of California Resources in a research report on Friday, December 20th. They issued a “neutral” rating and a $63.00 price target on the stock. Finally, Jefferies Financial Group assumed coverage on California Resources in a research report on Thursday, October 24th. They set a “buy” rating and a $64.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $67.25.

California Resources Stock Performance

Shares of CRC opened at $53.83 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. California Resources has a 52-week low of $43.09 and a 52-week high of $60.41. The company has a 50-day simple moving average of $54.92 and a 200-day simple moving average of $52.49. The company has a market capitalization of $4.92 billion, a PE ratio of 8.48, a P/E/G ratio of 1.35 and a beta of 1.05.

California Resources (NYSE:CRC) last issued its 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 company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $973.13 million. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The firm’s quarterly revenue was up 194.1% compared to the same quarter last year. During the same period last year, the company posted $1.02 earnings per share. Equities research analysts predict that California Resources will post 3.58 earnings per share for the current fiscal year.

Insider Buying and Selling at California Resources

In related 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 value of $883,762.88. Following the completion of the transaction, the executive vice president now owns 30,940 shares of the company’s stock, valued at approximately $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Noelle M. Repetti sold 8,770 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the transaction, the vice president now 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. 0.03% of the stock is owned by corporate insiders.

Institutional Trading of California Resources

Several institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its holdings in California Resources by 61.5% during the 3rd quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 371 shares in the last quarter. Point72 DIFC Ltd bought a new position in shares of California Resources during the third quarter worth about $70,000. KBC Group NV grew its stake 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 in the last quarter. Farther Finance Advisors LLC grew its stake in California Resources by 9.4% in the third quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after purchasing an additional 276 shares in the last quarter. Finally, Atria Investments Inc bought a new stake in California Resources in the third quarter valued at about $209,000. 97.79% of the stock is owned by institutional investors and hedge funds.

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.