California Resources Corporation (NYSE:CRC) Stock Rating Upgraded by Zacks Investment Research
California Resources Corporation (NYSE:CRC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “California Resources Corporation is engaged in exploration and production of oil and gas. The Company produces, gathers, processes and markets crude oil, natural gas, natural gas liquids and electricity primarily in the State of California. California Resources Corporation is based in Los Angeles, California. “
Several other research analysts have also commented on CRC. BidaskClub lowered shares of California Resources Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 8th. Bank of America Corporation lowered shares of California Resources Corporation from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $22.00 to $10.00 in a research note on Friday, June 30th.
California Resources Corporation (CRC) traded down 0.96% during trading on Tuesday, hitting $7.24. 1,648,045 shares of the company traded hands. California Resources Corporation has a one year low of $6.64 and a one year high of $23.42. The firm has a 50 day moving average of $8.55 and a 200 day moving average of $13.55. The firm has a market cap of $308.37 million, a P/E ratio of 0.80 and a beta of 6.23.
California Resources Corporation (NYSE:CRC) last released its quarterly earnings data on Thursday, August 3rd. The oil and gas producer reported ($1.83) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.63) by $0.20. The business had revenue of $516 million for the quarter, compared to analysts’ expectations of $450.17 million. The business’s revenue for the quarter was up 62.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.80) EPS. On average, analysts expect that California Resources Corporation will post ($5.81) earnings per share for the current fiscal year.
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In other California Resources Corporation news, Director Justin A. Gannon purchased 2,000 shares of the company’s stock in a transaction dated Thursday, May 11th. The shares were bought at an average price of $13.60 per share, for a total transaction of $27,200.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.91% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Karp Capital Management Corp acquired a new position in shares of California Resources Corporation during the first quarter valued at approximately $182,000. Ameriprise Financial Inc. raised its position in shares of California Resources Corporation by 12.6% in the first quarter. Ameriprise Financial Inc. now owns 12,152 shares of the oil and gas producer’s stock valued at $182,000 after buying an additional 1,356 shares during the period. Raymond James Financial Services Advisors Inc. acquired a new position in shares of California Resources Corporation during the first quarter valued at approximately $194,000. BlueCrest Capital Management Ltd acquired a new position in shares of California Resources Corporation during the first quarter valued at approximately $215,000. Finally, Two Sigma Securities LLC acquired a new position in shares of California Resources Corporation during the first quarter valued at approximately $228,000. Institutional investors own 70.05% of the company’s stock.
California Resources Corporation Company Profile
California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).
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