Shares of California Resources Corp. (NYSE:CRC) dropped 4.5% during trading on Wednesday . The company traded as low as $11.54 and last traded at $11.69, with a volume of 2,338,799 shares traded. The stock had previously closed at $12.24.

Separately, Zacks Investment Research upgraded California Resources Corp. from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a report on Tuesday, July 5th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $31.67.

The stock’s 50 day moving average is $12.11 and its 200 day moving average is $13.37. The stock’s market cap is $453.74 million.

California Resources Corp. (NYSE:CRC) last announced its earnings results on Thursday, August 4th. The company reported ($1.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.49) by $0.31. The firm earned $317 million during the quarter, compared to analysts’ expectations of $437.47 million. California Resources Corp.’s revenue for the quarter was down 50.4% on a year-over-year basis. Equities research analysts predict that California Resources Corp. will post ($6.16) EPS for the current year.

Other hedge funds recently bought and sold shares of the company. Nationwide Fund Advisors increased its stake in 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 last quarter. California State Teachers Retirement System increased its stake in 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 last quarter. Rhumbline Advisers increased its stake in 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 last quarter. California Public Employees Retirement System increased its stake in 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 last quarter. Finally, Marshall Wace LLP increased its stake in California Resources Corp. by 76.8% in the fourth quarter. Marshall Wace LLP now owns 2,571,849 shares of the company’s stock valued at $5,992,000 after buying an additional 1,116,822 shares during the last quarter.

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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