Market Ratings Update
RBC Capital Updates Ratings on Four Companies and Upgrades ResMed Stock
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Key Points
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RBC’s California Resources recommendation was issued in a report dated September 13, while UBS’s comparable Buy-rating report was released the previous day.
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TipRanks identifies RBC analyst Scott Hanold as a five-star analyst, with an average return of 17.6% and a 68.63% success rate.
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Hanold covers the energy sector and follows California Resources, SM Energy and Matador Resources.
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California Resources’ reported results were for the quarter ended June 30, according to its latest earnings release.
RBC Capital updated ratings on four companies this week, backing energy and software plays with bullish calls. The firm maintained Outperform ratings on Jack Henry & Associates (target: $178) and Corteva ($103), upgraded ResMed to Outperform with a $262 target, and kept California Resources Corp. at Buy with a $77 price target, according to Benzinga.
California Resources reported strong second-quarter results with $1.3 billion in revenue and $514 million in net income, roughly doubling earnings from the year-ago quarter's $172 million. RBC analyst Scott Hanold, a five-star analyst with a 68.63% success rate and 17.6% average return, covers the energy sector and backs the stock, TipRanks data shows.
Jack Henry & Associates Stays Favored
RBC Capital maintained its Outperform rating on Jack Henry & Associates, keeping the $178 price target intact. The software and fintech company continues to score support from the bank's equity team. No new catalysts were cited in the latest round of rating maintenance.
ResMed Climbs to Outperform Status
RBC Capital upgraded ResMed to Outperform and raised its price target to $262, signaling increased confidence in the medical device maker. The upgrade marks a shift in the firm's stance on the company. Details on the driver behind the upgrade were not disclosed in available reports.
California Resources Earnings Beat Expectations
California Resources Corp. posted strong earnings for the quarter ended June 30, nearly doubling net income to $514 million from $172 million a year earlier. Revenue climbed to $1.3 billion from $821 million. RBC analyst Scott Hanold maintained a Buy rating and $77 price target following the results, Benzinga reported.
UBS kept a Buy rating on California Resources but set a lower $73 price target. Hanold is a highly-rated analyst who covers energy firms including SM Energy and Matador Resources. His track record shows a 68.63% success rate on stock picks, making him one of the top performers in the sector.
Corteva Stays on Outperform Path
RBC Capital maintained its Outperform rating on Corteva, keeping the $103 price target steady. The agricultural chemicals company continues to get backing from the investment bank. The rating reflects confidence in the company's core business and growth prospects in the ag sector.
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