California Resources (CRC) Receiving Somewhat Positive News Coverage, Study Finds
News coverage about California Resources (NYSE:CRC) has trended somewhat positive on Tuesday, Accern Sentiment reports. The research group ranks the sentiment of press coverage by reviewing more than twenty million news and blog sources in real time. Accern ranks coverage of public companies on a scale of -1 to 1, with scores nearest to one being the most favorable. California Resources earned a daily sentiment score of 0.21 on Accern’s scale. Accern also gave media headlines about the oil and gas producer an impact score of 44.8699553171574 out of 100, meaning that recent press coverage is somewhat unlikely to have an impact on the company’s share price in the immediate future.
These are some of the media headlines that may have impacted Accern Sentiment’s scoring:
- California Resources Corp. acquires full ownership of Elk Hills oil field (bakersfield.com)
- Brokerages Anticipate California Resources Corp (CRC) Will Post Quarterly Sales of $529.05 Million (americanbankingnews.com)
- California Resources acquires Chevron’s remaining interests in Elk Hills field (worldoil.com)
- Zacks: Analysts Anticipate California Resources Corp (CRC) Will Announce Earnings of -$0.83 Per Share (americanbankingnews.com)
- California Records Reveal Hundreds of Offshore Violations (maritime-executive.com)
Several analysts have recently weighed in on CRC shares. Zacks Investment Research upgraded California Resources from a “sell” rating to a “hold” rating in a report on Tuesday, March 13th. Imperial Capital upgraded California Resources from an “in-line” rating to an “outperform” rating and set a $26.00 target price on the stock in a report on Monday, February 12th. ValuEngine upgraded California Resources from a “sell” rating to a “hold” rating in a report on Friday, April 6th. Societe Generale upgraded California Resources from a “hold” rating to a “buy” rating and upped their target price for the company from $17.91 to $25.00 in a report on Friday, February 9th. Finally, Goldman Sachs upgraded California Resources from a “sell” rating to a “neutral” rating and set a $27.50 target price on the stock in a report on Thursday, February 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $23.42.
California Resources (NYSE:CRC) last announced its earnings results on Monday, February 26th. The oil and gas producer reported ($0.33) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.54) by $0.21. The company had revenue of $455.00 million during the quarter, compared to the consensus estimate of $540.57 million. During the same quarter in the previous year, the company earned ($1.76) earnings per share. The business’s revenue was up .7% on a year-over-year basis. sell-side analysts anticipate that California Resources will post -2.62 EPS for the current fiscal year.
In related news, Director Harry T. Mcmahon bought 35,530 shares of California Resources stock in a transaction that occurred on Thursday, March 1st. The shares were acquired at an average cost of $14.18 per share, for a total transaction of $503,815.40. Following the completion of the acquisition, the director now directly owns 48,773 shares of the company’s stock, valued at approximately $691,601.14. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.31% of the company’s stock.
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About California Resources
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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