California Resources (NYSE:CRC) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of California Resources (NYSE:CRC) from a buy rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

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. “

Several other equities analysts have also issued reports on the company. Imperial Capital decreased their target price on California Resources from $28.00 to $20.00 and set a positive rating on the stock in a research note on Monday, August 5th. Bank of America increased their target price on California Resources from $21.00 to $24.00 and gave the stock a neutral rating in a research note on Tuesday, July 23rd. Finally, ValuEngine lowered California Resources from a hold rating to a sell rating in a research note on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. California Resources has a consensus rating of Hold and an average target price of $23.33.

CRC traded down $0.30 during mid-day trading on Wednesday, hitting $8.76. 1,727,962 shares of the stock were exchanged, compared to its average volume of 2,760,290. The firm’s fifty day moving average is $8.76 and its two-hundred day moving average is $14.18. California Resources has a 1-year low of $4.68 and a 1-year high of $30.18. The company has a market cap of $445.03 million, a PE ratio of 6.90 and a beta of 4.38.

California Resources (NYSE:CRC) last posted its earnings results on Thursday, October 31st. The oil and gas producer reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.37) by $0.72. California Resources had a negative return on equity of 23.46% and a net margin of 12.41%. The firm had revenue of $681.00 million for the quarter, compared to analyst estimates of $620.31 million. During the same quarter in the prior year, the company earned $0.81 EPS. California Resources’s revenue was down 17.8% on a year-over-year basis. Sell-side analysts anticipate that California Resources will post 1.13 EPS for the current year.

In related news, Director Avedick Baruyr Poladian purchased 10,000 shares of California Resources stock in a transaction on Thursday, August 15th. The shares were bought at an average price of $9.03 per share, with a total value of $90,300.00. Following the transaction, the director now directly owns 48,439 shares of the company’s stock, valued at $437,404.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.50% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of the business. Financial Architects Inc raised its position in California Resources by 139.2% in the 3rd quarter. Financial Architects Inc now owns 2,406 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 1,400 shares in the last quarter. Tower Research Capital LLC TRC raised its position in California Resources by 665.5% in the 3rd quarter. Tower Research Capital LLC TRC now owns 6,522 shares of the oil and gas producer’s stock valued at $67,000 after purchasing an additional 5,670 shares in the last quarter. Bourgeon Capital Management LLC acquired a new stake in California Resources in the 3rd quarter valued at about $189,000. SG Americas Securities LLC raised its position in California Resources by 326.4% in the 3rd quarter. SG Americas Securities LLC now owns 22,235 shares of the oil and gas producer’s stock valued at $227,000 after purchasing an additional 17,021 shares in the last quarter. Finally, Gabelli Funds LLC raised its position in California Resources by 21.6% in the 3rd quarter. Gabelli Funds LLC now owns 118,658 shares of the oil and gas producer’s stock valued at $1,210,000 after purchasing an additional 21,100 shares in the last quarter. 60.92% of the stock is currently owned by institutional investors.

California Resources Company Profile

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.

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