California Resources Corp. (CRC) Upgraded to “Hold” at Zacks Investment Research
California Resources Corp. (NYSE:CRC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” 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. “
Shares of California Resources Corp. (NYSE:CRC) traded down 1.16% on Monday, hitting $11.07. The stock had a trading volume of 1,494,047 shares. 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 $454.98 million. The firm’s 50-day moving average price is $10.96 and its 200 day moving average price is $13.44.
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California Resources Corp. (NYSE:CRC) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($1.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.49) by $0.31. The firm 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 anticipate that California Resources Corp. will post ($6.72) EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of CRC. BlackRock Institutional Trust Company N.A. increased its position in shares of California Resources Corp. by 10.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 10,907,664 shares of the company’s stock worth $11,235,000 after buying an additional 1,026,622 shares during the period. Coastland Capital LLC increased its position in shares of California Resources Corp. by 67.7% in the first quarter. Coastland Capital LLC now owns 5,040,970 shares of the company’s stock worth $5,192,000 after buying an additional 2,035,804 shares during the period. Norges Bank purchased a new position in shares of California Resources Corp. during the fourth quarter worth $10,976,000. Crescent Park Management L.P. increased its position in shares of California Resources Corp. by 23.4% in the fourth quarter. Crescent Park Management L.P. now owns 3,797,855 shares of the company’s stock worth $8,849,000 after buying an additional 719,196 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of California Resources Corp. during the first quarter worth $3,849,000. Institutional investors and hedge funds own 66.02% 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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