California Resources Corp (NYSE:CRC) – Research analysts at Imperial Capital upped their FY2017 EPS estimates for shares of California Resources in a report issued on Monday. Imperial Capital analyst J. Wangler now forecasts that the oil and gas producer will post earnings of ($4.14) per share for the year, up from their previous estimate of ($4.77). Imperial Capital has a “Outperform” rating and a $26.00 price target on the stock. Imperial Capital also issued estimates for California Resources’ Q4 2017 earnings at ($0.07) EPS, Q1 2018 earnings at ($0.27) EPS, Q2 2018 earnings at ($0.31) EPS, Q3 2018 earnings at ($0.40) EPS, Q4 2018 earnings at ($0.37) EPS, FY2018 earnings at ($1.35) EPS and FY2019 earnings at $0.59 EPS.
CRC has been the subject of several other research reports. Morgan Stanley raised their price target on shares of California Resources from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 18th. Societe Generale lowered shares of California Resources from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Zacks Investment Research upgraded shares of California Resources from a “sell” rating to a “hold” rating and set a $26.00 price target for the company in a research note on Thursday, January 18th. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. 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 note on Thursday, February 1st. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. California Resources has a consensus rating of “Hold” and a consensus target price of $23.42.
Institutional investors have recently added to or reduced their stakes in the stock. Barnett & Company Inc. grew its stake in California Resources by 306.9% in the 4th quarter. Barnett & Company Inc. now owns 5,701 shares of the oil and gas producer’s stock valued at $111,000 after buying an additional 4,300 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in California Resources in the 3rd quarter valued at approximately $117,000. Teacher Retirement System of Texas purchased a new position in California Resources in the 4th quarter valued at approximately $244,000. Alps Advisors Inc. purchased a new position in California Resources in the 4th quarter valued at approximately $248,000. Finally, Raymond James Financial Services Advisors Inc. grew its stake in California Resources by 5.8% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock valued at $116,000 after buying an additional 743 shares in the last quarter. Institutional investors and hedge funds own 72.66% of the company’s stock.
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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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