California Resources Corporation (CRC) Stock Rating Lowered by ValuEngine

California Resources Corporation (NYSE:CRC) was downgraded by stock analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research report issued on Friday.

Several other research analysts also recently weighed in on the stock. Bank of America Corporation downgraded shares of California Resources Corporation from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $22.00 to $10.00 in a report on Friday, June 30th. Zacks Investment Research downgraded shares of California Resources Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Morgan Stanley reaffirmed an “equal weight” rating on shares of California Resources Corporation in a report on Saturday, September 16th. BidaskClub downgraded shares of California Resources Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, July 8th. Finally, Imperial Capital initiated coverage on shares of California Resources Corporation in a report on Tuesday, October 3rd. They issued an “in-line” rating and a $12.00 target price for the company. Three research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $14.33.

Shares of California Resources Corporation (NYSE CRC) opened at 10.27 on Friday. The company’s 50-day moving average price is $8.71 and its 200 day moving average price is $10.15. California Resources Corporation has a 1-year low of $6.47 and a 1-year high of $23.42. The company has a market cap of $439.27 million, a price-to-earnings ratio of 0.92 and a beta of 6.35.

California Resources Corporation (NYSE:CRC) last issued its earnings results on Thursday, August 3rd. The oil and gas producer reported ($1.83) earnings per share for the quarter, missing the consensus estimate of ($1.63) by ($0.20). The company had revenue of $516.00 million for the quarter, compared to the consensus estimate of $450.17 million. The business’s revenue for the quarter was up 62.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.80) earnings per share. On average, analysts predict that California Resources Corporation will post ($5.85) earnings per share for the current fiscal year.

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Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of California Resources Corporation by 5.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock valued at $116,000 after purchasing an additional 743 shares during the last quarter. Koch Industries Inc. boosted its holdings in shares of California Resources Corporation by 1,014.6% during the 2nd quarter. Koch Industries Inc. now owns 148,225 shares of the oil and gas producer’s stock valued at $133,000 after purchasing an additional 134,927 shares during the last quarter. Bayesian Capital Management LP bought a new position in shares of California Resources Corporation during the 2nd quarter valued at about $141,000. BlueCrest Capital Management Ltd boosted its holdings in shares of California Resources Corporation by 17.5% during the 2nd quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock valued at $144,000 after purchasing an additional 2,509 shares during the last quarter. Finally, Voya Investment Management LLC boosted its holdings in shares of California Resources Corporation by 41.6% during the 2nd quarter. Voya Investment Management LLC now owns 19,162 shares of the oil and gas producer’s stock valued at $164,000 after purchasing an additional 5,631 shares during the last quarter. 74.80% of the stock is owned by institutional investors and hedge funds.

California Resources Corporation Company Profile

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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