Bank of America upgraded shares of California Resources (NYSE:CRC) from an underperform rating to a neutral rating in a research note released on Thursday. Bank of America currently has $24.00 price objective on the oil and gas producer’s stock.
A number of other brokerages have also commented on CRC. Societe Generale upgraded California Resources from a hold rating to a buy rating in a report on Tuesday, November 7th. Imperial Capital lifted their price target on California Resources from $12.00 to $18.00 and gave the stock an in-line rating in a report on Wednesday, November 8th. Zacks Investment Research upgraded California Resources from a hold rating to a strong-buy rating and set a $12.00 price target on the stock in a report on Wednesday, October 18th. ValuEngine lowered California Resources from a sell rating to a strong sell rating in a report on Friday, October 6th. Finally, Morgan Stanley upgraded California Resources from an equal weight rating to an overweight rating and set a $12.00 price target on the stock in a report on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $17.75.
Shares of California Resources (NYSE CRC) traded up $0.72 during trading on Thursday, reaching $21.09. The company had a trading volume of 1,970,000 shares, compared to its average volume of 1,907,633. The company has a market capitalization of $880.51, a price-to-earnings ratio of -4.22 and a beta of 6.63. California Resources has a 1-year low of $6.47 and a 1-year high of $23.42. The company has a quick ratio of 0.53, a current ratio of 0.61 and a debt-to-equity ratio of -8.78.
California Resources (NYSE:CRC) last issued its quarterly earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) EPS for the quarter, topping the Zacks’ consensus estimate of ($1.61) by $0.39. The business had revenue of $455.00 million for the quarter, compared to the consensus estimate of $476.87 million. The business’s revenue was down .2% compared to the same quarter last year. During the same quarter last year, the business posted ($1.75) earnings per share. research analysts anticipate that California Resources will post -4.67 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Financial Services Advisors Inc. raised its stake in shares of California Resources by 5.8% in the second 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 buying an additional 743 shares during the period. BlueCrest Capital Management Ltd raised its stake in shares of California Resources by 17.5% in the second quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock valued at $144,000 after buying an additional 2,509 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of California Resources by 2.0% in the third quarter. Dimensional Fund Advisors LP now owns 153,318 shares of the oil and gas producer’s stock valued at $1,604,000 after buying an additional 3,079 shares during the period. Rhumbline Advisers raised its stake in shares of California Resources by 7.7% in the third quarter. Rhumbline Advisers now owns 64,748 shares of the oil and gas producer’s stock valued at $677,000 after buying an additional 4,625 shares during the period. Finally, Voya Investment Management LLC raised its stake in shares of California Resources by 41.6% in the second quarter. Voya Investment Management LLC now owns 19,162 shares of the oil and gas producer’s stock valued at $164,000 after buying an additional 5,631 shares during the period. Hedge funds and other institutional investors own 75.22% of the company’s stock.
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About California Resources
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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