According to Zacks, “California Resources Corporation is engaged in exploration and production of oil and gas. The Company produces, gathers, processes and markets crude oil, natural gas, natural gas liquids and electricity primarily in the State of California. California Resources Corporation is based in Los Angeles, California. “
CRC has been the subject of a number of other research reports. Imperial Capital cut their price objective on shares of California Resources from $28.00 to $20.00 and set a “positive” rating for the company in a research report on Monday, August 5th. ValuEngine raised shares of California Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Bank of America boosted their price objective on shares of California Resources from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. California Resources presently has an average rating of “Hold” and an average target price of $24.17.
Shares of CRC stock traded down $0.32 during trading hours on Monday, hitting $7.30. 1,894,242 shares of the company’s stock traded hands, compared to its average volume of 2,575,268. California Resources has a 12-month low of $7.27 and a 12-month high of $35.20. The stock has a market cap of $373.38 million, a price-to-earnings ratio of 5.75 and a beta of 4.48. The stock’s fifty day simple moving average is $9.74 and its two-hundred day simple moving average is $15.27.
California Resources (NYSE:CRC) last posted its earnings results on Thursday, August 1st. The oil and gas producer reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.57). California Resources had a negative return on equity of 23.66% and a net margin of 10.99%. The company had revenue of $653.00 million during the quarter, compared to the consensus estimate of $674.43 million. During the same period last year, the firm posted ($0.29) EPS. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. On average, equities research analysts forecast that California Resources will post -0.37 earnings per share for the current year.
In other news, CEO Todd A. Stevens bought 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was bought at an average price of $10.20 per share, with a total value of $51,000.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Avedick Baruyr Poladian bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $9.03 per share, with a total value of $90,300.00. Following the acquisition, the director now directly owns 48,439 shares in the company, valued at approximately $437,404.17. The disclosure for this purchase can be found here. In the last three months, insiders have bought 17,980 shares of company stock valued at $171,365. Insiders own 3.50% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Hanson McClain Inc. boosted its holdings in California Resources by 60.2% in the 2nd quarter. Hanson McClain Inc. now owns 4,544 shares of the oil and gas producer’s stock worth $89,000 after buying an additional 1,708 shares during the period. Swiss National Bank boosted its holdings in California Resources by 2.3% in the 2nd quarter. Swiss National Bank now owns 85,989 shares of the oil and gas producer’s stock worth $1,692,000 after buying an additional 1,900 shares during the period. NorthRock Partners LLC boosted its holdings in California Resources by 14.3% in the 2nd quarter. NorthRock Partners LLC now owns 20,000 shares of the oil and gas producer’s stock worth $394,000 after buying an additional 2,500 shares during the period. Point72 Hong Kong Ltd boosted its holdings in California Resources by 232.9% in the 2nd quarter. Point72 Hong Kong Ltd now owns 6,744 shares of the oil and gas producer’s stock worth $133,000 after buying an additional 4,718 shares during the period. Finally, State of Alaska Department of Revenue boosted its holdings in California Resources by 375.0% in the 2nd quarter. State of Alaska Department of Revenue now owns 7,330 shares of the oil and gas producer’s stock worth $144,000 after buying an additional 5,787 shares during the period. 61.12% of the stock is owned by institutional investors.
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.
Recommended Story: What does earnings per share mean?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for California Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Resources and related companies with MarketBeat.com's FREE daily email newsletter.