California Resources Corp. (NYSE:CRC)’s share price dropped 4.1% during mid-day trading on Tuesday . The stock traded as low as $12.68 and last traded at $12.80, with a volume of 1,702,820 shares traded. The stock had previously closed at $13.35.

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 analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. California Resources Corp. presently has a consensus rating of “Hold” and a consensus target price of $31.67.

The company has a 50 day moving average of $11.85 and a 200-day moving average of $13.36. The company’s market capitalization is $526.49 million.

California Resources Corp. (NYSE:CRC) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($1.80) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.49) by $0.31. The company had revenue of $317 million for the quarter, compared to analyst estimates of $437.47 million. The business’s quarterly revenue was down 50.4% on a year-over-year basis. On average, equities analysts anticipate that California Resources Corp. will post ($6.19) EPS for the current year.

Other hedge funds and institutional investors recently modified their holdings of the company. 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. 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. Matarin Capital Management LLC bought a new position in shares of California Resources Corp. during the fourth quarter valued at about $2,968,000. 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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