California Resources Corp. (CRC) Receives Consensus Recommendation of “Hold” from Brokerages
Shares of California Resources Corp. (NYSE:CRC) have been assigned an average recommendation of “Hold” from the six analysts that are covering the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $35.00.
Separately, Zacks Investment Research lowered shares of California Resources Corp. from a “hold” rating to a “sell” rating in a research note on Monday.
California Resources Corp. (NYSE:CRC) traded down 1.07% during trading on Thursday, hitting $11.13. 1,077,410 shares of the company traded hands. The firm’s market cap is $457.44 million. California Resources Corp. has a one year low of $2.81 and a one year high of $51.50. The firm has a 50 day moving average of $10.93 and a 200 day moving average of $13.46.
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California Resources Corp. (NYSE:CRC) last released its quarterly 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 net margin of 195.30% and a negative return on equity of 42.69%. The firm had revenue of $317 million for the quarter, compared to analyst estimates of $437.47 million. The business’s quarterly revenue was down 50.4% compared to the same quarter last year. On average, analysts expect that California Resources Corp. will post ($6.72) earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the company. Fort Washington Investment Advisors Inc OH acquired a new stake in California Resources Corp. during the second quarter valued at approximately $127,000. Societe Generale acquired a new stake in California Resources Corp. during the second quarter valued at approximately $156,000. Virginia Retirement Systems ET AL acquired a new stake in California Resources Corp. during the second quarter valued at approximately $166,000. Princeton Alpha Management LP acquired a new stake in California Resources Corp. during the second quarter valued at approximately $180,000. Finally, Highbridge Capital Management LLC acquired a new stake in California Resources Corp. during the second quarter valued at approximately $185,000. 66.07% of the stock is 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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