California Resources (CRC) Cut to “Hold” at ValuEngine

California Resources (NYSE:CRC) was downgraded by ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

Other research analysts also recently issued research reports about the company. Zacks Investment Research raised California Resources from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Friday, July 20th. Societe Generale raised California Resources from a “hold” rating to a “buy” rating in a research note on Thursday, October 11th. Finally, Evercore ISI initiated coverage on California Resources in a research note on Friday, September 21st. They set an “outperform” rating and a $55.00 target price for the company. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. California Resources has an average rating of “Buy” and an average target price of $35.79.

Shares of NYSE CRC opened at $30.53 on Tuesday. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of -6.94 and a beta of 5.50. California Resources has a 12 month low of $12.24 and a 12 month high of $50.34.

California Resources (NYSE:CRC) last issued its earnings results on Thursday, November 1st. The oil and gas producer reported $0.81 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.89. The firm had revenue of $828.00 million during the quarter, compared to the consensus estimate of $689.83 million. California Resources had a negative return on equity of 3.20% and a negative net margin of 6.39%. The business’s quarterly revenue was up 86.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.22) earnings per share. Sell-side analysts forecast that California Resources will post -0.17 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Baird Financial Group Inc. raised its stake in California Resources by 20.1% during the second quarter. Baird Financial Group Inc. now owns 40,256 shares of the oil and gas producer’s stock worth $1,829,000 after acquiring an additional 6,749 shares in the last quarter. GeoSphere Capital Management LLC bought a new stake in shares of California Resources during the second quarter worth about $254,000. BlackRock Inc. grew its holdings in shares of California Resources by 5.5% during the second quarter. BlackRock Inc. now owns 3,033,329 shares of the oil and gas producer’s stock worth $137,835,000 after purchasing an additional 156,881 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of California Resources by 5.9% during the second quarter. Rhumbline Advisers now owns 60,784 shares of the oil and gas producer’s stock worth $2,762,000 after purchasing an additional 3,401 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new stake in shares of California Resources during the second quarter worth about $375,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

California Resources Company Profile

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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Analyst Recommendations for California Resources (NYSE:CRC)

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