Shares of California Resources Corp (NYSE:CRC) gapped down prior to trading on Thursday . The stock had previously closed at $41.37, but opened at $40.20. California Resources shares last traded at $38.64, with a volume of 2193741 shares trading hands.
Several analysts have issued reports on the company. Zacks Investment Research upgraded California Resources from a “sell” rating to a “hold” rating and set a $52.00 target price for the company in a report on Wednesday, October 3rd. Evercore ISI assumed coverage on California Resources in a report on Friday, September 21st. They issued an “outperform” rating and a $55.00 target price for the company. Societe Generale upgraded California Resources from a “hold” rating to a “buy” rating in a report on Thursday. Finally, ValuEngine upgraded California Resources from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 19th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $35.79.
The company has a debt-to-equity ratio of -7.87, a current ratio of 0.63 and a quick ratio of 0.56. The firm has a market cap of $2.35 billion, a PE ratio of -8.93 and a beta of 5.55.
California Resources (NYSE:CRC) last issued its earnings results on Thursday, August 2nd. The oil and gas producer reported ($0.29) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.34). The business had revenue of $549.00 million during the quarter, compared to the consensus estimate of $649.01 million. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.83) EPS. On average, analysts forecast that California Resources Corp will post -0.35 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlueMountain Capital Management LLC purchased a new position in shares of California Resources during the 2nd quarter worth $185,000. Guidant Wealth Advisors grew its holdings in shares of California Resources by 7,327.0% during the 2nd quarter. Guidant Wealth Advisors now owns 4,679 shares of the oil and gas producer’s stock worth $129,000 after purchasing an additional 4,616 shares during the period. WINTON GROUP Ltd purchased a new position in shares of California Resources during the 2nd quarter worth $216,000. SG Americas Securities LLC purchased a new position in shares of California Resources during the 2nd quarter worth $216,000. Finally, Great West Life Assurance Co. Can grew its holdings in shares of California Resources by 76.1% during the 2nd quarter. Great West Life Assurance Co. Can now owns 4,771 shares of the oil and gas producer’s stock worth $217,000 after purchasing an additional 2,061 shares during the period. Institutional investors and hedge funds own 72.26% of the company’s stock.
California Resources Company Profile (NYSE:CRC)
California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.
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