California Resources (NYSE:CRC) Now Covered by Analysts at JPMorgan Chase & Co.

Equities researchers at JPMorgan Chase & Co. initiated coverage on shares of California Resources (NYSE:CRC) in a research report issued to clients and investors on Friday,Briefing.com Automated Import 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 23.58% from the company’s current price.

Several other brokerages also recently weighed in on CRC. Capital One Financial raised California Resources to a “strong-buy” rating in a research note on Monday, December 9th. Jefferies Financial Group started coverage on shares of California Resources in a research note on Thursday, October 24th. They set a “buy” rating and a $64.00 price objective on the stock. Stephens began coverage on shares of California Resources in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $73.00 price objective for the company. UBS Group initiated coverage on shares of California Resources in a research note on Wednesday, October 16th. They set a “buy” rating and a $68.00 target price on the stock. Finally, Barclays upped their price target on shares of California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $66.09.

California Resources Trading Down 0.4 %

NYSE:CRC opened at $50.98 on Friday. California Resources has a 12-month low of $43.09 and a 12-month high of $60.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. The business has a 50 day simple moving average of $55.08 and a 200 day simple moving average of $52.06. The firm has a market capitalization of $4.66 billion, a P/E ratio of 8.03, a P/E/G ratio of 1.35 and a beta of 1.01.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.62. The business had revenue of $1.35 billion for 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 company’s revenue for the quarter was up 194.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.02 EPS. Equities research analysts predict that California Resources will post 3.58 EPS for the current year.

Insiders Place Their Bets

In other news, VP Noelle M. Repetti sold 8,770 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total transaction of $488,927.50. Following the transaction, the vice president now directly owns 8,531 shares in the company, valued at $475,603.25. The trade was a 50.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Omar Hayat sold 16,016 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total value of $883,762.88. Following the sale, 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 disclosure for this sale can be found here. Corporate insiders own 0.03% of the company’s stock.

Hedge Funds Weigh In On California Resources

Several hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC boosted its stake in shares of California Resources by 9.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,224 shares of the oil and gas producer’s stock worth $169,000 after acquiring an additional 276 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of California Resources by 61.5% in the third quarter. GAMMA Investing LLC now owns 974 shares of the oil and gas producer’s stock worth $51,000 after buying an additional 371 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in California Resources by 1.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,300 shares of the oil and gas producer’s stock worth $1,719,000 after acquiring an additional 400 shares during the period. KBC Group NV grew its position in shares of 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 valued at $100,000 after purchasing an additional 431 shares during the last quarter. Finally, Amalgamated Bank lifted its position in shares of California Resources by 3.1% during the 3rd quarter. Amalgamated Bank now owns 20,406 shares of the oil and gas producer’s stock worth $1,071,000 after purchasing an additional 605 shares during the last quarter. 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.