ValuEngine upgraded shares of California Resources (NYSE:CRC) from a sell rating to a hold rating in a report issued on Friday.
Other research analysts have also issued research reports about the stock. Imperial Capital upgraded shares of California Resources from an in-line rating to an outperform rating and set a $26.00 price target on the stock in a research note on Monday, February 12th. Zacks Investment Research upgraded shares of California Resources from a sell rating to a hold rating in a research note on Tuesday, March 13th. Societe Generale upgraded shares of California Resources from a hold rating to a buy rating and increased their price target for the stock from $17.91 to $25.00 in a research note on Friday, February 9th. Goldman Sachs upgraded shares of California Resources from a sell rating to a neutral rating and set a $27.50 price target on the stock in a research note on Thursday, February 1st. Finally, Bank of America upgraded shares of California Resources from a neutral rating to a buy rating in a research note on Tuesday, January 16th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $23.42.
Shares of CRC opened at $18.06 on Friday. California Resources has a 12 month low of $6.47 and a 12 month high of $25.06. The firm has a market cap of $770.52, a PE ratio of -4.10 and a beta of 5.83. The company has a current ratio of 0.66, a quick ratio of 0.58 and a debt-to-equity ratio of -7.37.
California Resources (NYSE:CRC) last announced its quarterly earnings results on Monday, February 26th. The oil and gas producer reported ($0.33) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.54) by $0.21. The business had revenue of $455.00 million for the quarter, compared to analyst estimates of $540.57 million. During the same quarter last year, the company earned ($1.76) EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year. equities research analysts forecast that California Resources will post -2.8 earnings per share for the current fiscal year.
In other news, Director Harry T. Mcmahon acquired 35,530 shares of the firm’s stock in a transaction that occurred on Thursday, March 1st. The stock was acquired at an average cost of $14.18 per share, with a total value of $503,815.40. Following the acquisition, the director now owns 48,773 shares in the company, valued at $691,601.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.31% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of CRC. Elephas Investment Management Ltd bought a new stake in shares of California Resources during the 4th quarter worth $26,082,000. Masters Capital Management LLC bought a new stake in shares of California Resources during the 4th quarter worth $19,440,000. Key Square Capital Management LLC bought a new stake in shares of California Resources during the 4th quarter worth $10,471,000. Quantitative Investment Management LLC bought a new stake in shares of California Resources during the 4th quarter worth $4,550,000. Finally, GSA Capital Partners LLP bought a new stake in shares of California Resources during the 3rd quarter worth $770,000. 73.90% of the stock is owned by institutional investors and hedge funds.
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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).
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