California Resources Corp. (CRC) Cut to Sell at Zacks Investment Research
California Resources Corp. (NYSE:CRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday.
According to Zacks, “California Resources Corporation is engaged in exploration and production of oil and gas. The Company produces, gathers, processes and markets crude oil, natural gas, natural gas liquids and electricity primarily in the State of California. California Resources Corporation is based in Los Angeles, California. “
Shares of California Resources Corp. (NYSE:CRC) traded up 6.38% during midday trading on Monday, reaching $11.67. The company’s stock had a trading volume of 1,927,684 shares. The company has a 50-day moving average price of $10.95 and a 200-day moving average price of $13.49. California Resources Corp. has a 12 month low of $2.81 and a 12 month high of $51.50. The firm’s market cap is $479.64 million.
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California Resources Corp. (NYSE:CRC) last issued its earnings results on Thursday, August 4th. The company reported ($1.80) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.49) by $0.31. California Resources Corp. had a negative return on equity of 42.69% and a negative net margin of 195.30%. The company had revenue of $317 million for the quarter, compared to the consensus estimate of $437.47 million. The business’s quarterly revenue was down 50.4% compared to the same quarter last year. Equities analysts expect that California Resources Corp. will post ($6.72) earnings per share for the current year.
Large investors have recently added to or reduced their stakes in the company. D. Scott Neal acquired a new stake in California Resources Corp. during the fourth quarter worth approximately $0. Fort Washington Investment Advisors Inc OH acquired a new stake in California Resources Corp. during the second quarter worth approximately $127,000. Societe Generale acquired a new stake in California Resources Corp. during the second quarter worth approximately $156,000. Virginia Retirement Systems ET AL acquired a new stake in California Resources Corp. during the second quarter worth approximately $166,000. Finally, Princeton Alpha Management LP acquired a new stake in California Resources Corp. during the second quarter worth approximately $180,000. 66.07% of the stock is currently owned by institutional investors.
California Resources Corp. Company Profile
California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produces approximately 160 thousand barrels of oil equivalent per day (MBoe/d). It has net proved reserves of over 640 million barrels of oil equivalent (MMBoe).
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