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

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

A number of other equities analysts also recently issued reports on CRC. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Royal Bank Of Canada set a $70.00 price target on California Resources in a research report on Monday, January 5th. Pickering Energy Partners cut California Resources from an “outperform” rating to a “neutral” rating in a research report on Friday, January 9th. Barclays set a $65.00 target price on shares of California Resources and gave the stock an “overweight” rating in a report on Wednesday, January 21st. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $56.00 price objective (down from $58.00) on shares of California Resources in a research note on Tuesday, December 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, California Resources currently has an average rating of “Moderate Buy” and a consensus price target of $63.90.

California Resources Stock Up 0.8%

California Resources stock opened at $55.88 on Monday. California Resources has a one year low of $30.97 and a one year high of $58.41. The stock has a fifty day moving average of $47.80 and a 200 day moving average of $48.96. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 0.89. The stock has a market cap of $4.68 billion, a PE ratio of 13.00 and a beta of 1.15.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC grew its stake in shares of California Resources by 29.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 956 shares of the oil and gas producer’s stock worth $51,000 after buying an additional 219 shares in the last quarter. Clearstead Advisors LLC boosted its holdings in shares of 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 purchasing an additional 226 shares during the period. iA Global Asset Management Inc. increased its position in shares of 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 valued at $243,000 after purchasing an additional 230 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in California Resources by 21.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,353 shares of the oil and gas producer’s stock valued at $73,000 after buying an additional 236 shares during the period. Finally, Xponance Inc. raised its holdings in California Resources by 4.7% during the 3rd quarter. Xponance Inc. now owns 5,301 shares of the oil and gas producer’s stock valued at $282,000 after buying an additional 237 shares during the period. 97.79% of the stock is owned by hedge funds and other institutional investors.

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.