California Resources (NYSE:CRC) Upgraded by TD Cowen to “Strong-Buy” Rating

California Resources (NYSE:CRC) was upgraded by equities researchers at TD Cowen to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

Several other equities research analysts have also commented on the stock. Barclays set a $65.00 price target on shares of California Resources and gave the company an “overweight” rating in a report on Wednesday, January 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a research report on Wednesday, January 21st. Zacks Research downgraded California Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, January 1st. Wells Fargo & Company reiterated an “overweight” rating and set a $56.00 price target (down previously from $58.00) on shares of California Resources in a research note on Tuesday, December 9th. Finally, Mizuho boosted their target price on shares of California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $63.90.

California Resources Trading Up 0.8%

Shares of NYSE CRC opened at $55.88 on Monday. California Resources has a twelve month low of $30.97 and a twelve month high of $58.41. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.26. The business has a fifty day simple moving average of $47.80 and a two-hundred day simple moving average of $48.96. The firm has a market cap of $4.68 billion, a PE ratio of 13.00 and a beta of 1.15.

Hedge Funds Weigh In On California Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC increased its stake in shares of California Resources by 29.7% during the third quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 219 shares in the last quarter. Clearstead Advisors LLC boosted its holdings in California Resources by 82.5% in the 3rd quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after buying an additional 226 shares during the last quarter. iA Global Asset Management Inc. increased its stake in California Resources by 4.4% during the 4th quarter. iA Global Asset Management Inc. now owns 5,440 shares of the oil and gas producer’s stock worth $243,000 after buying an additional 230 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of California Resources by 21.1% during the third quarter. Smartleaf Asset Management LLC now owns 1,353 shares of the oil and gas producer’s stock valued at $73,000 after acquiring an additional 236 shares during the last quarter. Finally, Xponance Inc. lifted its position in shares of California Resources by 4.7% in the third quarter. Xponance Inc. now owns 5,301 shares of the oil and gas producer’s stock valued at $282,000 after acquiring an additional 237 shares in the last quarter. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.