California Resources (NYSE:CRC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday.
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. “
Other equities analysts have also issued reports about the company. Imperial Capital raised California Resources from an “in-line” rating to an “outperform” rating and set a $26.00 target price on the stock in a research report on Monday, February 12th. Societe Generale raised California Resources from a “hold” rating to a “buy” rating and upped their target price for the stock from $17.91 to $25.00 in a research report on Friday, February 9th. Goldman Sachs raised California Resources from a “sell” rating to a “neutral” rating and set a $27.50 target price on the stock in a research report on Thursday, February 1st. Bank of America raised California Resources from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 16th. Finally, ValuEngine lowered California Resources from a “sell” rating to a “strong sell” rating in a research report on Wednesday, February 28th. Three analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $23.42.
Shares of California Resources (CRC) traded up $0.57 during trading hours on Tuesday, hitting $14.78. The stock had a trading volume of 1,087,044 shares, compared to its average volume of 1,692,767. The company has a debt-to-equity ratio of -7.37, a current ratio of 0.66 and a quick ratio of 0.58. California Resources has a one year low of $6.47 and a one year high of $25.06. The firm has a market capitalization of $638.81, a price-to-earnings ratio of -2.36 and a beta of 6.25.
California Resources (NYSE:CRC) last issued its earnings results on Monday, February 26th. The oil and gas producer reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.21. The firm had revenue of $455.00 million for the quarter, compared to analyst estimates of $540.57 million. During the same period in the previous year, the company earned ($1.76) earnings per share. California Resources’s revenue for the quarter was up .7% compared to the same quarter last year. research analysts anticipate that California Resources will post -2.59 EPS for the current year.
In related news, Director Harry T. Mcmahon purchased 35,530 shares of the stock in a transaction that occurred on Thursday, March 1st. The stock was acquired at an average cost of $14.18 per share, with a total value of $503,815.40. Following the transaction, the director now owns 48,773 shares of the company’s stock, valued at approximately $691,601.14. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.91% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Engineers Gate Manager LP purchased a new stake in shares of California Resources during the 4th quarter valued at $909,000. Dimensional Fund Advisors LP bought a new position in shares of California Resources during the 2nd quarter worth $1,285,000. Masters Capital Management LLC bought a new position in shares of California Resources during the 4th quarter worth $19,440,000. Mackenzie Financial Corp grew its stake in shares of California Resources by 4.0% during the 4th quarter. Mackenzie Financial Corp now owns 1,812,300 shares of the oil and gas producer’s stock worth $35,231,000 after acquiring an additional 70,300 shares during the period. Finally, Elephas Investment Management Ltd bought a new position in shares of California Resources during the 4th quarter worth $26,082,000. 73.90% of the stock is owned by institutional investors and hedge funds.
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About California Resources
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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