California Resources (CRC) Stock Rating Upgraded by Zacks Investment Research
California Resources (NYSE:CRC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday.
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 research firms also recently issued reports on CRC. Societe Generale raised shares of California Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, November 7th. Imperial Capital lifted their price objective on shares of California Resources from $12.00 to $18.00 and gave the stock an “in-line” rating in a report on Wednesday, November 8th. ValuEngine downgraded shares of California Resources from a “sell” rating to a “strong sell” rating in a report on Friday, October 6th. Morgan Stanley raised shares of California Resources from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective on the stock in a report on Tuesday, November 7th. Finally, Bank of America raised shares of California Resources from an “underperform” rating to a “neutral” rating and set a $24.00 price objective on the stock in a report on Thursday, January 4th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $17.75.
California Resources (NYSE:CRC) last posted its quarterly earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.61) by $0.39. The business had revenue of $455.00 million during the quarter, compared to analyst estimates of $476.87 million. During the same period in the previous year, the business posted ($1.75) EPS. The business’s revenue for the quarter was down .2% compared to the same quarter last year. sell-side analysts anticipate that California Resources will post -4.65 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently bought and sold shares of CRC. Schwab Charles Investment Management Inc. boosted its holdings in California Resources by 193.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,103,278 shares of the oil and gas producer’s stock worth $9,434,000 after acquiring an additional 727,264 shares during the last quarter. First Trust Advisors LP purchased a new position in California Resources during the 2nd quarter worth $351,000. Rhumbline Advisers boosted its holdings in California Resources by 28.7% during the 2nd quarter. Rhumbline Advisers now owns 60,123 shares of the oil and gas producer’s stock worth $514,000 after acquiring an additional 13,399 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in California Resources by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 241,135 shares of the oil and gas producer’s stock worth $2,062,000 after acquiring an additional 11,446 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in California Resources by 623.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 38,168 shares of the oil and gas producer’s stock worth $327,000 after acquiring an additional 32,890 shares during the last quarter. 75.22% of the stock is currently owned by hedge funds and other institutional investors.
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California Resources 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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