Imperial Capital Upgrades California Resources (CRC) to Outperform

California Resources (NYSE:CRC) was upgraded by research analysts at Imperial Capital from an “in-line” rating to an “outperform” rating in a research note issued to investors on Monday, Marketbeat.com reports. The firm currently has a $26.00 price target on the oil and gas producer’s stock. Imperial Capital’s price target would indicate a potential upside of 38.74% from the stock’s previous close.

CRC has been the subject of several other reports. Morgan Stanley boosted their price objective on shares of California Resources from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 18th. Zacks Investment Research upgraded shares of California Resources from a “hold” rating to a “strong-buy” rating and set a $12.00 price objective for the company in a research report on Wednesday, October 18th. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 16th. Societe Generale downgraded shares of California Resources from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Finally, Goldman Sachs Group upgraded shares of California Resources from a “sell” rating to a “neutral” rating and set a $27.50 price objective for the company in a research report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $23.42.

California Resources (NYSE CRC) opened at $18.74 on Monday. California Resources has a 1 year low of $6.47 and a 1 year high of $25.06. The company has a market cap of $803.35, a P/E ratio of -3.75 and a beta of 6.26. The company has a debt-to-equity ratio of -8.78, a quick ratio of 0.53 and a current ratio of 0.61.

Large investors have recently made changes to their positions in the company. Adams Asset Advisors LLC acquired a new position in shares of California Resources during the third quarter worth $2,060,000. Janus Henderson Group PLC increased its holdings in shares of California Resources by 7.6% during the second quarter. Janus Henderson Group PLC now owns 750,968 shares of the oil and gas producer’s stock worth $6,421,000 after buying an additional 52,748 shares in the last quarter. State Street Corp increased its holdings in shares of California Resources by 23.1% during the second quarter. State Street Corp now owns 3,588,170 shares of the oil and gas producer’s stock worth $30,673,000 after buying an additional 672,825 shares in the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of California Resources during the second quarter worth $1,285,000. Finally, Vanguard Group Inc. increased its holdings in shares of California Resources by 4.8% during the second quarter. Vanguard Group Inc. now owns 1,848,193 shares of the oil and gas producer’s stock worth $15,803,000 after buying an additional 84,072 shares in the last quarter. Institutional investors own 72.66% of the company’s stock.

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About California Resources

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).

Analyst Recommendations for California Resources (NYSE:CRC)

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