California Resources Corporation (NYSE:CRC) shares were down 7.2% on Monday . The stock traded as low as $14.55 and last traded at $14.77. Approximately 1,661,261 shares traded hands during mid-day trading, a decline of 7% from the average daily volume of 1,782,031 shares. The stock had previously closed at $15.91.

A number of analysts have recently weighed in on the company. Zacks Investment Research raised California Resources Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Morgan Stanley reaffirmed an “equal weight” rating on shares of California Resources Corporation in a research note on Saturday, September 16th. ValuEngine raised California Resources Corporation from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 26th. Imperial Capital assumed coverage on California Resources Corporation in a research note on Tuesday, October 3rd. They issued an “in-line” rating and a $12.00 price target for the company. Finally, Societe Generale upgraded California Resources Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $14.25.

The company has a debt-to-equity ratio of -8.78, a current ratio of 0.61 and a quick ratio of 0.53.

California Resources Corporation (NYSE:CRC) last released its earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share for the quarter, beating the consensus estimate of ($1.61) by $0.39. The firm had revenue of $455.00 million during the quarter, compared to analysts’ expectations of $476.87 million. The business’s revenue was down .2% compared to the same quarter last year. During the same quarter last year, the business earned ($1.75) EPS. sell-side analysts expect that California Resources Corporation will post -4.72 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of CRC. Raymond James Financial Services Advisors Inc. increased its holdings in California Resources Corporation by 5.8% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock valued at $116,000 after purchasing an additional 743 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of California Resources Corporation during the third quarter valued at about $117,000. Koch Industries Inc. grew its stake in shares of California Resources Corporation by 1,014.6% during the second quarter. Koch Industries Inc. now owns 148,225 shares of the oil and gas producer’s stock valued at $133,000 after acquiring an additional 134,927 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in shares of California Resources Corporation during the second quarter valued at about $141,000. Finally, BlueCrest Capital Management Ltd lifted its position in shares of California Resources Corporation by 17.5% during the second quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock worth $144,000 after purchasing an additional 2,509 shares during the last quarter. Hedge funds and other institutional investors own 74.40% of the company’s stock.

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About California Resources Corporation

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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