California Resources Corp (NYSE:CRC) shares traded down 9.2% during mid-day trading on Wednesday . The stock traded as low as $16.34 and last traded at $16.75. 2,763,124 shares changed hands during trading, an increase of 55% from the average session volume of 1,787,441 shares. The stock had previously closed at $18.44.
Several research analysts have recently issued reports on the stock. Morgan Stanley boosted their price objective on shares of California Resources from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 18th. Imperial Capital initiated coverage on shares of California Resources in a research note on Tuesday, October 3rd. They issued an “in-line” rating and a $12.00 target price on the stock. ValuEngine raised shares of California Resources from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 26th. Zacks Investment Research cut shares of California Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, November 8th. Finally, Societe Generale raised shares of California Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $14.25.
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 announced its quarterly earnings data on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.61) by $0.39. The business had revenue of $455.00 million during the quarter, compared to analyst estimates of $476.87 million. During the same quarter in the prior year, the company earned ($1.75) earnings per share. The company’s quarterly revenue was down .2% on a year-over-year basis. sell-side analysts predict that California Resources Corp will post -4.67 EPS for the current year.
Large investors have recently modified their holdings of the business. Adams Asset Advisors LLC bought a new stake in California Resources in the third quarter valued at approximately $2,060,000. Commerzbank Aktiengesellschaft FI increased its stake in California Resources by 8.7% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 215,807 shares of the oil and gas producer’s stock valued at $1,845,000 after purchasing an additional 17,333 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of California Resources by 7.6% during the second quarter. Janus Henderson Group PLC now owns 750,968 shares of the oil and gas producer’s stock worth $6,421,000 after acquiring an additional 52,748 shares in the last quarter. GRT Capital Partners L.L.C. increased its position in shares of California Resources by 9.0% during the second quarter. GRT Capital Partners L.L.C. now owns 586,996 shares of the oil and gas producer’s stock worth $5,019,000 after acquiring an additional 48,541 shares in the last quarter. Finally, State Street Corp increased its position in shares of California Resources by 23.1% during the second quarter. State Street Corp now owns 3,588,170 shares of the oil and gas producer’s stock worth $30,673,000 after acquiring an additional 672,825 shares in the last quarter. 75.71% of the stock is owned by hedge funds and other institutional investors.
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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