California Resources (NYSE:CRC) Stock Price Target Lowered at Barclays

California Resources (NYSE:CRC) had its target price decreased by research analysts at Barclays from $74.00 to $68.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas producer’s stock. Barclays‘s price target would indicate a potential upside of 41.43% from the company’s previous close.

CRC has been the subject of several other reports. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $77.00 price objective on shares of California Resources in a report on Monday, September 14th. Roth Capital reissued a “buy” rating and set a $59.00 target price (up from $58.00) on shares of California Resources in a report on Thursday, September 17th. Zacks Research raised shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 26th. Stifel Nicolaus initiated coverage on California Resources in a research report on Thursday, September 10th. They set a “buy” rating and a $68.00 target price on the stock. Finally, Weiss Ratings downgraded California Resources from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, California Resources presently has an average rating of “Moderate Buy” and a consensus target price of $73.78.

California Resources Stock Performance

NYSE CRC traded up $0.20 during trading on Friday, hitting $48.08. 27,375 shares of the company’s stock traded hands, compared to its average volume of 890,616. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.44 and a current ratio of 0.51. The stock has a market capitalization of $4.24 billion, a price-to-earnings ratio of -8.46 and a beta of 0.98. California Resources has a 12-month low of $43.24 and a 12-month high of $71.98. The business has a 50 day moving average of $52.79 and a 200-day moving average of $56.92.

California Resources (NYSE:CRC) last posted its earnings results on Monday, November 2nd. The oil and gas producer reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.17. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $967.71 million. California Resources had a negative net margin of 18.11% and a positive return on equity of 9.56%. The company’s revenue was up .4% on a year-over-year basis. During the same quarter last year, the company earned $1.46 earnings per share. As a group, equities research analysts anticipate that California Resources will post 4.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Jay Bys sold 11,907 shares of the company’s stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the sale, the executive vice president directly owned 123,703 shares in the company, valued at $6,679,962. This represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is owned by insiders.

Institutional Investors Weigh In On California Resources

A number of institutional investors and hedge funds have recently modified their holdings of the company. Polymer Capital Management US LLC bought a new position in shares of California Resources in the third quarter valued at approximately $618,000. Advisors Asset Management Inc. purchased a new position in California Resources during the third quarter valued at approximately $179,000. GW&K Investment Management LLC increased its holdings in California Resources by 75.7% during the 3rd quarter. GW&K Investment Management LLC now owns 52,594 shares of the oil and gas producer’s stock worth $2,672,000 after acquiring an additional 22,666 shares during the period. Saber Capital Management LLC increased its holdings in California Resources by 26.5% during the 3rd quarter. Saber Capital Management LLC now owns 106,867 shares of the oil and gas producer’s stock worth $5,429,000 after acquiring an additional 22,357 shares during the period. Finally, Public Sector Pension Investment Board increased its holdings in California Resources by 32.8% during the 3rd quarter. Public Sector Pension Investment Board now owns 439,011 shares of the oil and gas producer’s stock worth $23,772,000 after acquiring an additional 108,476 shares during the period. 97.79% of the stock is owned by hedge funds and other institutional investors.

About California Resources

California Resources Corporation is an independent energy company focused on developing and producing oil and natural gas in California. Its operations include exploration, production and management of energy resources, with products that include crude oil, natural gas and natural gas liquids. The company was formed in 2014 when it separated from Occidental Petroleum. Its activities are concentrated in California, where it operates across several major oil-producing regions. In 2024, California Resources completed its acquisition of Aera Energy, expanding its California operations.