Brokerages Set California Resources Corporation (NYSE:CRC) Target Price at $63.90

Shares of California Resources Corporation (NYSE:CRC) have been given a consensus recommendation of “Moderate Buy” by the fifteen analysts that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, nine have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $63.90.

A number of research analysts have weighed in on the company. Zacks Research lowered California Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, January 1st. UBS Group set a $63.00 target price on shares of California Resources and gave the company a “buy” rating in a research report on Monday, January 26th. Royal Bank Of Canada set a $70.00 price target on shares of California Resources in a research report on Monday, January 5th. Pickering Energy Partners cut shares of California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $56.00 target price (down from $58.00) on shares of California Resources in a research note on Tuesday, December 9th.

California Resources Trading Up 2.8%

CRC stock opened at $59.56 on Tuesday. California Resources has a 12-month low of $30.97 and a 12-month high of $59.81. The business’s 50-day moving average is $49.31 and its 200 day moving average is $49.40. The company has a current ratio of 0.89, a quick ratio of 0.78 and a debt-to-equity ratio of 0.26. The stock has a market cap of $4.99 billion, a price-to-earnings ratio of 13.85 and a beta of 1.15.

Institutional Trading of California Resources

Several institutional investors have recently made changes to their positions in CRC. Invesco Ltd. lifted its position in California Resources by 3.0% in the fourth quarter. Invesco Ltd. now owns 1,102,049 shares of the oil and gas producer’s stock valued at $49,273,000 after buying an additional 32,460 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of California Resources by 8.2% in the 4th quarter. Mackenzie Financial Corp now owns 11,313 shares of the oil and gas producer’s stock valued at $504,000 after acquiring an additional 862 shares during the period. Fuller & Thaler Asset Management Inc. lifted its holdings in shares of California Resources by 12.1% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,616,761 shares of the oil and gas producer’s stock worth $72,285,000 after acquiring an additional 174,154 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of California Resources by 116.0% in the 4th quarter. Empowered Funds LLC now owns 100,631 shares of the oil and gas producer’s stock worth $4,499,000 after acquiring an additional 54,041 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of California Resources during the 4th quarter worth approximately $3,008,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

About California Resources

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.