California Resources Corporation (NYSE:CRC) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Saturday.
Separately, Bank of America Corporation lowered shares of California Resources Corporation from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $22.00 to $10.00 in a research report on Friday, June 30th.
California Resources Corporation (NYSE:CRC) traded down 1.08% on Friday, hitting $7.35. 3,612,005 shares of the stock traded hands. The stock has a market cap of $313.05 million, a price-to-earnings ratio of 0.81 and a beta of 6.29. California Resources Corporation has a 52 week low of $6.64 and a 52 week high of $23.42. The firm’s 50 day moving average is $10.89 and its 200 day moving average is $15.52.
California Resources Corporation (NYSE:CRC) last issued its quarterly earnings data on Thursday, May 4th. The oil and gas producer reported ($1.02) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.25) by $0.23. The company had revenue of $590 million during the quarter, compared to the consensus estimate of $486.15 million. California Resources Corporation’s revenue was up 83.2% compared to the same quarter last year. Equities analysts anticipate that California Resources Corporation will post ($4.16) earnings per share for the current year.
In other California Resources Corporation news, Director Justin A. Gannon purchased 2,000 shares of the stock in a transaction that occurred on Thursday, May 11th. The shares were acquired at an average cost of $13.60 per share, with a total value of $27,200.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.91% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Swiss National Bank raised its position in California Resources Corporation by 8.1% in the first quarter. Swiss National Bank now owns 67,789 shares of the oil and gas producer’s stock worth $1,020,000 after buying an additional 5,100 shares in the last quarter. Gargoyle Investment Advisor L.L.C. acquired a new position in California Resources Corporation during the first quarter worth approximately $248,000. Commerzbank Aktiengesellschaft FI raised its position in California Resources Corporation by 125.1% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 198,474 shares of the oil and gas producer’s stock worth $2,985,000 after buying an additional 110,296 shares in the last quarter. Acadian Asset Management LLC raised its position in California Resources Corporation by 86.2% in the first quarter. Acadian Asset Management LLC now owns 250,011 shares of the oil and gas producer’s stock worth $3,759,000 after buying an additional 115,762 shares in the last quarter. Finally, Nationwide Fund Advisors raised its position in California Resources Corporation by 145.7% in the first quarter. Nationwide Fund Advisors now owns 48,957 shares of the oil and gas producer’s stock worth $736,000 after buying an additional 29,032 shares in the last quarter. 69.97% of the stock is currently owned by institutional investors and hedge funds.
California Resources Corporation 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 produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).