California Resources (NYSE:CRC) Trading Down 7.4%

California Resources Corp (NYSE:CRC)’s share price traded down 7.4% on Friday . The stock traded as low as $7.04 and last traded at $7.30, 3,129,551 shares were traded during mid-day trading. An increase of 11% from the average session volume of 2,819,084 shares. The stock had previously closed at $7.88.

Several analysts recently weighed in on the stock. ValuEngine raised shares of California Resources from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Imperial Capital reissued a “buy” rating and issued a $11.00 price objective on shares of California Resources in a research note on Wednesday, November 27th. Finally, Zacks Investment Research raised shares of California Resources from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $21.67.

The company has a market cap of $381.17 million, a P/E ratio of 0.94 and a beta of 4.48. The firm’s 50 day moving average is $8.93 and its two-hundred day moving average is $10.05.

California Resources (NYSE:CRC) last released its earnings results on Thursday, October 31st. The oil and gas producer reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.72. The business had revenue of $681.00 million for the quarter, compared to analyst estimates of $620.31 million. California Resources had a net margin of 12.41% and a negative return on equity of 23.46%. California Resources’s revenue for the quarter was down 17.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 earnings per share. On average, sell-side analysts predict that California Resources Corp will post 1.27 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the stock. Financial Architects Inc lifted its holdings in California Resources by 139.2% in the third quarter. Financial Architects Inc now owns 2,406 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 1,400 shares during the period. Covington Capital Management acquired a new position in shares of California Resources during the third quarter valued at about $31,000. Tower Research Capital LLC TRC raised its holdings in shares of California Resources by 665.5% during the third 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 during the period. Point72 Hong Kong Ltd raised its holdings in shares of California Resources by 232.9% during the second quarter. Point72 Hong Kong Ltd now owns 6,744 shares of the oil and gas producer’s stock valued at $133,000 after purchasing an additional 4,718 shares during the period. Finally, Metropolitan Life Insurance Co NY raised its holdings in shares of California Resources by 22.4% during the third quarter. Metropolitan Life Insurance Co NY now owns 17,289 shares of the oil and gas producer’s stock valued at $176,000 after purchasing an additional 3,167 shares during the period. Institutional investors and hedge funds own 72.91% of the company’s stock.

About California Resources (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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