California Resources Corp (NYSE:CRC) gapped up prior to trading on Monday . The stock had previously closed at $6.35, but opened at $6.54. California Resources shares last traded at $6.66, with a volume of 2,785,031 shares trading hands.
Several research firms have recently weighed in on CRC. Zacks Investment Research lowered California Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. ValuEngine lowered California Resources from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Finally, Imperial Capital reissued a “buy” rating and set a $11.00 price target on shares of California Resources in a research report on Wednesday, November 27th. 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 company. The stock presently has a consensus rating of “Hold” and a consensus price target of $21.83.
The firm has a 50-day moving average of $7.65 and a 200 day moving average of $12.53. The stock has a market capitalization of $321.23 million, a price-to-earnings ratio of 5.24 and a beta of 4.40.
California Resources (NYSE:CRC) last released its quarterly earnings results on Thursday, October 31st. The oil and gas producer reported $0.35 EPS for the quarter, topping the consensus estimate of ($0.37) by $0.72. The firm had revenue of $681.00 million for the quarter, compared to analyst estimates of $620.31 million. California Resources had a negative return on equity of 23.46% and a net margin of 12.41%. California Resources’s revenue for the quarter was down 17.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 EPS. Research analysts forecast that California Resources Corp will post 1.13 earnings per share for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in CRC. Nisa Investment Advisors LLC lifted its position in California Resources by 8,217.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 19,130 shares of the oil and gas producer’s stock worth $376,000 after acquiring an additional 18,900 shares in the last quarter. Commerzbank Aktiengesellschaft FI increased its holdings in California Resources by 24.6% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 120,888 shares of the oil and gas producer’s stock worth $2,379,000 after purchasing an additional 23,896 shares during the last quarter. Hanson McClain Inc. increased its holdings in California Resources by 60.2% during the 2nd quarter. Hanson McClain Inc. now owns 4,544 shares of the oil and gas producer’s stock worth $89,000 after purchasing an additional 1,708 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in California Resources during the 2nd quarter worth approximately $255,000. Finally, First Trust Advisors LP increased its holdings in California Resources by 272.5% during the 2nd quarter. First Trust Advisors LP now owns 154,698 shares of the oil and gas producer’s stock worth $3,044,000 after purchasing an additional 113,173 shares during the last quarter. 72.81% of the stock is currently owned by hedge funds and other institutional investors.
California Resources Company Profile (NYSE:CRC)
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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