California Resources (NYSE:CRC) was downgraded by equities researchers at Societe Generale from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
Several other research firms also recently issued reports on CRC. Imperial Capital raised their price target on shares of California Resources from $12.00 to $18.00 and gave the company an “in-line” rating in a research note on Wednesday, November 8th. Zacks Investment Research raised shares of California Resources from a “hold” rating to a “strong-buy” rating and set a $12.00 price target for the company in a research note on Wednesday, October 18th. ValuEngine downgraded shares of California Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, October 6th. Morgan Stanley raised shares of California Resources from an “equal weight” rating to an “overweight” rating and set a $12.00 price target for the company in a research note on Tuesday, November 7th. Finally, Bank of America raised shares of California Resources from an “underperform” rating to a “neutral” rating and set a $24.00 price target for the company in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. California Resources presently has a consensus rating of “Hold” and an average target price of $17.75.
California Resources (NYSE:CRC) opened at $20.79 on Thursday. The stock has a market cap of $880.51, a price-to-earnings ratio of -4.16 and a beta of 6.63. California Resources has a 52 week low of $6.47 and a 52 week high of $23.42. The company has a debt-to-equity ratio of -8.78, a quick ratio of 0.53 and a current ratio of 0.61.
California Resources (NYSE:CRC) last released its quarterly earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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. California Resources’s revenue was down .2% on a year-over-year basis. During the same period in the previous year, the business posted ($1.75) EPS. sell-side analysts forecast that California Resources will post -4.67 EPS for the current fiscal year.
A number of large investors have recently bought and sold shares of the business. GSA Capital Partners LLP acquired a new stake in California Resources in the third quarter worth $770,000. California Public Employees Retirement System grew its holdings in California Resources by 7.6% in the third quarter. California Public Employees Retirement System now owns 335,911 shares of the oil and gas producer’s stock worth $3,514,000 after purchasing an additional 23,605 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in California Resources in the third quarter worth $164,000. Janus Henderson Group PLC grew its holdings in California Resources by 8.8% in the third quarter. Janus Henderson Group PLC now owns 817,248 shares of the oil and gas producer’s stock worth $8,548,000 after purchasing an additional 66,280 shares during the period. Finally, Restructuring Capital Associates LP grew its holdings in California Resources by 39.5% in the third quarter. Restructuring Capital Associates LP now owns 1,730,838 shares of the oil and gas producer’s stock worth $18,105,000 after purchasing an additional 490,408 shares during the period. Institutional investors and hedge funds own 75.22% of the company’s stock.
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California Resources 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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