California Resources (NYSE:CRC) Trading Up 5.1% After Analyst Upgrade

California Resources Corp (NYSE:CRC)’s share price was up 5.1% during mid-day trading on Tuesday after Bank of America raised their price target on the stock from $21.00 to $24.00. Bank of America currently has a neutral rating on the stock. California Resources traded as high as $15.72 and last traded at $15.70, approximately 2,536,761 shares were traded during mid-day trading. An increase of 17% from the average daily volume of 2,160,710 shares. The stock had previously closed at $14.94.

CRC has been the subject of several other reports. Mizuho set a $67.00 price objective on shares of Walgreens Boots Alliance and gave the company a “hold” rating in a research report on Thursday, March 28th. Raymond James reissued a “neutral” rating and issued a $35.00 price objective on shares of Stantec in a research report on Monday, May 13th. ValuEngine cut shares of Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. Goldman Sachs Group lowered shares of Encana to a “buy” rating in a report on Friday, April 12th. Finally, Zacks Investment Research upgraded shares of Falcon Minerals from a “sell” rating to a “hold” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. California Resources presently has an average rating of “Hold” and an average target price of $30.00.

In other California Resources news, Director William E. Albrecht sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $20.00, for a total transaction of $200,000.00. Following the transaction, the director now owns 110,788 shares in the company, valued at approximately $2,215,760. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Laurie Siegel purchased 3,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were bought at an average price of $16.78 per share, for a total transaction of $50,340.00. Following the purchase, the director now directly owns 15,196 shares in the company, valued at approximately $254,988.88. The disclosure for this purchase can be found here. Insiders have sold a total of 30,000 shares of company stock worth $600,000 in the last 90 days. 3.50% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc boosted its holdings in shares of California Resources by 4.5% in the 4th quarter. Legal & General Group Plc now owns 18,247 shares of the oil and gas producer’s stock valued at $310,000 after acquiring an additional 778 shares during the last quarter. Truvestments Capital LLC purchased a new stake in shares of California Resources in the 1st quarter valued at $27,000. Mraz Amerine & Associates Inc. boosted its holdings in shares of California Resources by 1.2% in the 1st quarter. Mraz Amerine & Associates Inc. now owns 91,042 shares of the oil and gas producer’s stock valued at $2,341,000 after acquiring an additional 1,075 shares during the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of California Resources in the 1st quarter valued at $39,000. Finally, Hsbc Holdings PLC boosted its holdings in shares of California Resources by 32.8% in the 4th quarter. Hsbc Holdings PLC now owns 11,396 shares of the oil and gas producer’s stock valued at $194,000 after acquiring an additional 2,815 shares during the last quarter. 62.83% of the stock is currently owned by institutional investors and hedge funds.

The company’s fifty day simple moving average is $17.81. The firm has a market capitalization of $729.07 million, a price-to-earnings ratio of 12.36 and a beta of 4.41.

California Resources (NYSE:CRC) last released its quarterly earnings data on Thursday, May 2nd. The oil and gas producer reported $0.63 EPS for the quarter, beating the consensus estimate of ($0.31) by $0.94. The business had revenue of $690.00 million for the quarter, compared to the consensus estimate of $635.00 million. California Resources had a net margin of 8.36% and a negative return on equity of 18.81%. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 EPS. On average, equities analysts anticipate that California Resources Corp will post 3.29 EPS for the current fiscal year.

California Resources Company Profile (NYSE:CRC)

California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

Read More: How a Strangle Strategy is different from a Straddle Strategy

Receive News & Ratings for California Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Resources and related companies with MarketBeat.com's FREE daily email newsletter.