California Resources Corp. (CRC) Shares Down 5.8%
California Resources Corp. (NYSE:CRC) fell 5.8% during trading on Wednesday . The company traded as low as $9.74 and last traded at $9.78, with a volume of 1,623,032 shares changing hands. The stock had previously closed at $10.38.
Separately, Zacks Investment Research downgraded California Resources Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, July 20th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $31.67.
The stock’s 50 day moving average is $11.65 and its 200 day moving average is $13.50. The stock’s market cap is $408.12 million.
California Resources Corp. (NYSE:CRC) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($1.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.49) by $0.31. The company had revenue of $317 million for the quarter, compared to analyst estimates of $437.47 million. California Resources Corp.’s revenue for the quarter was down 50.4% on a year-over-year basis. On average, analysts anticipate that California Resources Corp. will post ($6.23) earnings per share for the current year.
California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produces approximately 160 thousand barrels of oil equivalent per day (MBoe/d). It has net proved reserves of over 640 million barrels of oil equivalent (MMBoe).
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