Shares of California Resources Corp. (NYSE:CRC) dropped 9% during trading on Monday . The stock traded as low as $10.39 and last traded at $10.49, with a volume of 2,171,345 shares trading hands. The stock had previously closed at $11.53.

Separately, Zacks Investment Research downgraded shares of California Resources Corp. from a “buy” rating to a “strong sell” rating in a research report on Tuesday, May 3rd. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $31.67.

The stock’s 50 day moving average price is $13.77 and its 200 day moving average price is $13.75. The company’s market cap is $416.40 million.

California Resources Corp. (NYSE:CRC) last announced its earnings results on Thursday, May 5th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.05. The company earned $322 million during the quarter, compared to analysts’ expectations of $423.86 million. On average, analysts forecast that California Resources Corp. will post ($5.96) earnings per share for the current year.

Other hedge funds and institutional investors recently made changes to their positions in the company. Nationwide Fund Advisors increased its position in shares of California Resources Corp. by 1.4% in the fourth quarter. Nationwide Fund Advisors now owns 500,589 shares of the company’s stock valued at $1,166,000 after buying an additional 6,813 shares during the period. California State Teachers Retirement System increased its position in shares of California Resources Corp. by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 601,277 shares of the company’s stock valued at $1,401,000 after buying an additional 10,576 shares during the period. Rhumbline Advisers increased its position in shares of California Resources Corp. by 3.2% in the fourth quarter. Rhumbline Advisers now owns 481,558 shares of the company’s stock valued at $1,122,000 after buying an additional 15,098 shares during the period. South Dakota Investment Council increased its position in shares of California Resources Corp. by 7.8% in the fourth quarter. South Dakota Investment Council now owns 950,000 shares of the company’s stock valued at $2,214,000 after buying an additional 69,000 shares during the period. Finally, California Public Employees Retirement System increased its position in shares of California Resources Corp. by 21.8% in the fourth quarter. California Public Employees Retirement System now owns 2,357,760 shares of the company’s stock valued at $5,494,000 after buying an additional 422,100 shares during the period.

California Resources Corporation (CRC) is an independent oil and natural gas exploration and production company, operating properties exclusively within the State of California. The Company has a mineral acreage consisting of approximately 2.4 million net acres spanning the state’s four oil and gas basins.

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