California Resources Corporation (CRC) Upgraded to “Hold” by Zacks Investment Research
California Resources Corporation (NYSE:CRC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
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. “
Several other equities analysts have also commented on CRC. BidaskClub lowered shares of California Resources Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, July 8th. Bank of America Corporation lowered shares of California Resources Corporation from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $22.00 to $10.00 in a report on Friday, June 30th.
California Resources Corporation (NYSE:CRC) traded down 0.96% during trading on Tuesday, reaching $7.24. 1,648,045 shares of the company’s stock were exchanged. The firm has a market cap of $308.37 million, a P/E ratio of 0.80 and a beta of 6.23. The stock’s 50 day moving average price is $8.55 and its 200 day moving average price is $13.55. California Resources Corporation has a 52-week low of $6.64 and a 52-week high of $23.42.
California Resources Corporation (NYSE:CRC) last released its earnings results on Thursday, August 3rd. The oil and gas producer reported ($1.83) EPS for the quarter, missing the consensus estimate of ($1.63) by $0.20. The business had revenue of $516 million for the quarter, compared to analysts’ expectations of $450.17 million. During the same quarter in the prior year, the company posted ($1.80) earnings per share. The firm’s revenue for the quarter was up 62.8% on a year-over-year basis. Equities research analysts anticipate that California Resources Corporation will post ($5.81) EPS for the current fiscal year.
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In related news, Director Justin A. Gannon purchased 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 11th. The shares were bought at an average cost of $13.60 per share, with a total value of $27,200.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.91% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Karp Capital Management Corp bought a new stake in shares of California Resources Corporation during the first quarter valued at about $182,000. Ameriprise Financial Inc. raised its stake in shares of California Resources Corporation by 12.6% in the first quarter. Ameriprise Financial Inc. now owns 12,152 shares of the oil and gas producer’s stock valued at $182,000 after buying an additional 1,356 shares during the period. Raymond James Financial Services Advisors Inc. bought a new stake in shares of California Resources Corporation during the first quarter valued at about $194,000. BlueCrest Capital Management Ltd bought a new stake in shares of California Resources Corporation during the first quarter valued at about $215,000. Finally, Two Sigma Securities LLC bought a new stake in shares of California Resources Corporation during the first quarter valued at about $228,000. 70.05% of the stock is currently owned by institutional investors.
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).
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