Zacks Investment Research Upgrades California Resources Corp. (CRC) to “Hold”
California Resources Corp. (NYSE:CRC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research 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, reaching $11.07. 1,494,047 shares of the company’s stock were exchanged. California Resources Corp. has a one year low of $2.81 and a one year high of $51.50. The firm’s market capitalization is $454.98 million. The firm has a 50 day moving average of $10.96 and a 200 day moving average of $13.44.
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California Resources Corp. (NYSE:CRC) last announced its quarterly earnings results 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. California Resources Corp. had a negative net margin of 195.30% and a negative return on equity of 42.69%. The company had revenue of $317 million for the quarter, compared to analyst estimates of $437.47 million. The company’s revenue was down 50.4% compared to the same quarter last year. On average, equities research analysts predict that California Resources Corp. will post ($6.72) EPS for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bessemer Group Inc. raised its position 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 during the last quarter. Franklin Resources Inc. raised its position 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 during the last quarter. Fort Washington Investment Advisors Inc OH acquired a new position in California Resources Corp. during the second quarter valued at approximately $127,000. Societe Generale acquired a new position in California Resources Corp. during the second quarter valued at approximately $156,000. Finally, Virginia Retirement Systems ET AL acquired a new position in California Resources Corp. during the second quarter valued at approximately $166,000. 66.02% of the stock is owned by institutional investors and hedge funds.
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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