StockNews.com Upgrades California Resources (NYSE:CRC) to “Buy”

California Resources (NYSE:CRCGet Rating) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

Several other equities research analysts have also commented on the company. MKM Partners reissued a “buy” rating and set a $48.00 price target on shares of California Resources in a research note on Wednesday, July 20th. Bank of America lowered California Resources from a “buy” rating to an “underperform” rating and set a $49.00 target price on the stock. in a research note on Tuesday, July 19th. Finally, TheStreet raised California Resources from a “d” rating to a “c-” rating in a research note on Friday, August 19th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat, California Resources has an average rating of “Moderate Buy” and a consensus target price of $52.00.

California Resources Stock Performance

CRC traded down $1.01 during trading on Thursday, reaching $40.25. The company’s stock had a trading volume of 509,359 shares, compared to its average volume of 850,512. The company’s fifty day moving average price is $44.95 and its 200-day moving average price is $43.61. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of 3.97 and a beta of 0.89. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.66 and a current ratio of 0.70. California Resources has a 52-week low of $35.95 and a 52-week high of $51.46.

California Resources (NYSE:CRCGet Rating) last announced its quarterly earnings results on Wednesday, August 3rd. The oil and gas producer reported $1.13 EPS for the quarter, missing the consensus estimate of $1.96 by ($0.83). The firm had revenue of $747.00 million for the quarter. California Resources had a return on equity of 35.57% and a net margin of 39.21%. On average, equities analysts forecast that California Resources will post 6.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CRC. Principal Financial Group Inc. raised its holdings in California Resources by 1,325.7% in the 4th quarter. Principal Financial Group Inc. now owns 99,460 shares of the oil and gas producer’s stock valued at $4,248,000 after acquiring an additional 92,484 shares during the last quarter. Citigroup Inc. increased its holdings in shares of California Resources by 463.0% during the 4th quarter. Citigroup Inc. now owns 57,216 shares of the oil and gas producer’s stock worth $2,444,000 after buying an additional 47,053 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in shares of California Resources by 733.3% during the 4th quarter. Allianz Asset Management GmbH now owns 124,669 shares of the oil and gas producer’s stock worth $5,324,000 after buying an additional 109,709 shares during the last quarter. Ensign Peak Advisors Inc acquired a new stake in shares of California Resources during the 4th quarter worth $283,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of California Resources by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 576,684 shares of the oil and gas producer’s stock worth $24,631,000 after buying an additional 6,404 shares during the last quarter.

California Resources Company Profile

(Get Rating)

California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

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