Shares of California Resources Corp (NYSE:CRC) have received a consensus rating of “Buy” from the eight ratings firms that are presently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $37.58.
Several research firms recently issued reports on CRC. 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 research report on Wednesday, October 3rd. ValuEngine upgraded California Resources from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 19th. Societe Generale upgraded California Resources from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. Finally, Evercore ISI began coverage on California Resources in a research report on Friday, September 21st. They set an “outperform” rating and a $55.00 target price for the company.
NYSE:CRC opened at $28.52 on Wednesday. California Resources has a 12-month low of $13.26 and a 12-month high of $50.34. The stock has a market cap of $1.44 billion, a P/E ratio of -6.48 and a beta of 5.50.
California Resources (NYSE:CRC) last released its earnings results on Thursday, November 1st. The oil and gas producer reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.89. California Resources had a negative return on equity of 3.20% and a negative net margin of 6.39%. The firm had revenue of $828.00 million during the quarter, compared to analysts’ expectations of $689.83 million. During the same quarter last year, the business posted ($1.22) earnings per share. The firm’s revenue was up 86.1% on a year-over-year basis. As a group, analysts forecast that California Resources will post -0.17 EPS for the current fiscal year.
In other news, Director Harold M. Korell purchased 1,848 shares of the business’s stock in a transaction on Tuesday, November 6th. The stock was acquired at an average price of $29.17 per share, for a total transaction of $53,906.16. Following the acquisition, the director now directly owns 39,719 shares of the company’s stock, valued at approximately $1,158,603.23. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.31% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRC. Dimensional Fund Advisors LP grew its holdings in California Resources by 28.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 196,473 shares of the oil and gas producer’s stock valued at $3,370,000 after buying an additional 43,155 shares in the last quarter. Cubist Systematic Strategies LLC grew its holdings in California Resources by 1,469.8% during the 1st quarter. Cubist Systematic Strategies LLC now owns 7,692 shares of the oil and gas producer’s stock valued at $132,000 after buying an additional 7,202 shares in the last quarter. Guidant Wealth Advisors grew its holdings in 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 valued at $129,000 after buying an additional 4,616 shares in the last quarter. Deprince Race & Zollo Inc. purchased a new position in California Resources during the 2nd quarter valued at approximately $750,000. Finally, Amalgamated Bank purchased a new position in California Resources during the 2nd quarter valued at approximately $262,000. Institutional investors and hedge funds own 68.11% of the company’s stock.
About California Resources
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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