Shares of California Resources Corp. (NYSE:CRC) shot up 6.4% on Thursday . The company traded as high as $11.85 and last traded at $11.75, with a volume of 1,139,060 shares. The stock had previously closed at $11.04.

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

The company has a 50-day moving average price of $11.86 and a 200-day moving average price of $13.35. The stock’s market capitalization is $512.93 million.

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

Other hedge funds have recently made changes to their positions in the company. Marshall Wace LLP increased its stake in shares of California Resources Corp. by 76.8% in the fourth quarter. Marshall Wace LLP now owns 2,571,849 shares of the company’s stock worth $5,992,000 after buying an additional 1,116,822 shares during the period. California Public Employees Retirement System increased its stake 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 worth $5,494,000 after buying an additional 422,100 shares during the period. Matarin Capital Management LLC purchased a new stake in shares of California Resources Corp. during the fourth quarter worth about $2,968,000. California State Teachers Retirement System increased its stake 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 worth $1,401,000 after buying an additional 10,576 shares during the period. Finally, Nationwide Fund Advisors increased its position 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 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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.