Zacks Investment Research Lowers California Resources Corp. (CRC) to Sell
California Resources Corp. (NYSE:CRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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. “
California Resources Corp. (NYSE:CRC) traded up 6.38% during mid-day trading on Monday, hitting $11.67. 1,927,684 shares of the stock were exchanged. The stock’s market cap is $479.64 million. California Resources Corp. has a 52-week low of $2.81 and a 52-week high of $51.50. The stock’s 50 day moving average is $10.95 and its 200 day moving average is $13.49.
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California Resources Corp. (NYSE:CRC) last released its quarterly earnings data on Thursday, August 4th. The company reported ($1.80) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.49) by $0.31. The business earned $317 million during the quarter, compared to analyst estimates of $437.47 million. California Resources Corp. had a negative return on equity of 42.69% and a negative net margin of 195.30%. The company’s quarterly revenue was down 50.4% compared to the same quarter last year. Analysts forecast that California Resources Corp. will post ($6.72) EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. raised its stake in California Resources Corp. by 509.5% in the first quarter. Franklin Resources Inc. now owns 104,065 shares of the company’s stock valued at $107,000 after buying an additional 86,991 shares in the last quarter. BlackRock Inc. raised its stake in California Resources Corp. by 17.2% in the first quarter. BlackRock Inc. now owns 311,688 shares of the company’s stock valued at $320,000 after buying an additional 45,694 shares in the last quarter. JPMorgan Chase & Co. raised its stake in California Resources Corp. by 1,122.9% in the first quarter. JPMorgan Chase & Co. now owns 2,918,282 shares of the company’s stock valued at $3,007,000 after buying an additional 2,679,640 shares in the last quarter. Bessemer Group Inc. raised its stake in California Resources Corp. by 9,734.9% in the first quarter. Bessemer Group Inc. now owns 99,332 shares of the company’s stock valued at $102,000 after buying an additional 98,322 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in California Resources Corp. by 123.6% in the first quarter. UBS Asset Management Americas Inc. now owns 1,461,560 shares of the company’s stock valued at $1,505,000 after buying an additional 807,798 shares in the last quarter. Institutional investors own 66.07% of the company’s stock.
About California Resources Corp.
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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