California Resources (NYSE:CRC) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of California Resources (NYSE:CRC) from a sell rating to a hold rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “California Resources Corporation is an exploration and production company as well as producer of oil and natural gas principally in California. California Resources Corporation is based in Santa Clarita. “

Several other equities research analysts also recently issued reports on CRC. Bank of America started coverage on shares of California Resources in a research note on Monday, January 10th. They set a buy rating and a $64.00 price objective for the company. MKM Partners started coverage on shares of California Resources in a research note on Tuesday, September 21st. They set a buy rating and a $54.00 price objective for the company. Finally, KeyCorp boosted their price objective on shares of California Resources from $48.00 to $49.00 and gave the stock an overweight rating in a research note on Wednesday, November 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, California Resources has a consensus rating of Buy and an average price target of $55.60.

Shares of CRC stock opened at $44.11 on Tuesday. California Resources has a one year low of $21.79 and a one year high of $47.18. The company has a quick ratio of 0.62, a current ratio of 0.69 and a debt-to-equity ratio of 0.56. The company has a 50 day moving average price of $42.77 and a 200 day moving average price of $37.89.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Thursday, November 11th. The oil and gas producer reported $1.83 EPS for the quarter, topping the consensus estimate of $1.32 by $0.51. California Resources had a net margin of 241.65% and a return on equity of 397.26%. The firm had revenue of $588.00 million during the quarter, compared to analyst estimates of $522.40 million. During the same quarter in the prior year, the business posted $1.68 earnings per share. Equities analysts predict that California Resources will post 6.03 earnings per share for the current year.

The company also recently announced a Not Available dividend, which was paid on Thursday, December 16th. Stockholders of record on Wednesday, December 1st were paid a $0.17 dividend. The ex-dividend date was Tuesday, November 30th.

In other news, major shareholder Ares Management Llc sold 3,073 shares of the company’s stock in a transaction on Friday, December 17th. The shares were sold at an average price of $42.50, for a total value of $130,602.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Goldentree Asset Management Lp bought 6,900 shares of the firm’s stock in a transaction dated Monday, December 20th. The stock was purchased at an average price of $38.70 per share, with a total value of $267,030.00. The disclosure for this purchase can be found here. Insiders sold 645,354 shares of company stock valued at $28,163,685 over the last 90 days.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Spire Wealth Management bought a new position in California Resources during the 4th quarter valued at $32,000. Nisa Investment Advisors LLC acquired a new stake in shares of California Resources during the second quarter worth $78,000. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of California Resources during the third quarter worth $111,000. Point72 Hong Kong Ltd raised its holdings in shares of California Resources by 632.5% during the third quarter. Point72 Hong Kong Ltd now owns 3,091 shares of the oil and gas producer’s stock worth $127,000 after purchasing an additional 2,669 shares during the period. Finally, Strs Ohio raised its holdings in shares of California Resources by 81.8% during the third quarter. Strs Ohio now owns 4,000 shares of the oil and gas producer’s stock worth $164,000 after purchasing an additional 1,800 shares during the period. Hedge funds and other institutional investors own 97.59% of the company’s stock.

About California Resources

California Resources Corporation operates as an independent 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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