ValuEngine downgraded shares of California Resources (NYSE:CRC) from a strong-buy rating to a buy rating in a research report released on Tuesday.

Several other research analysts also recently weighed in on CRC. Zacks Investment Research downgraded California Resources from a buy rating to a hold rating in a research note on Wednesday, May 16th. Imperial Capital set a $41.00 price target on California Resources and gave the stock an outperform rating in a research note on Thursday, May 17th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $31.25.

CRC stock opened at $37.67 on Tuesday. California Resources has a 1-year low of $8.27 and a 1-year high of $48.85. The company has a quick ratio of 0.56, a current ratio of 0.63 and a debt-to-equity ratio of -7.87. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of -8.56 and a beta of 5.57.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Thursday, August 2nd. The oil and gas producer reported ($0.29) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.34). The business had revenue of $549.00 million during the quarter, compared to analyst estimates of $649.01 million. During the same period last year, the firm earned ($1.83) EPS. California Resources’s revenue for the quarter was up 6.4% compared to the same quarter last year. sell-side analysts expect that California Resources will post -0.35 EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the business. Point72 Asia Hong Kong Ltd purchased a new stake in shares of California Resources during the 1st quarter worth approximately $119,000. Guidant Wealth Advisors raised its holdings in shares of California Resources by 7,327.0% during the 2nd quarter. Guidant Wealth Advisors now owns 4,679 shares of the oil and gas producer’s stock worth $129,000 after acquiring an additional 4,616 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in shares of California Resources by 1,469.8% during the 1st quarter. Cubist Systematic Strategies LLC now owns 7,692 shares of the oil and gas producer’s stock worth $132,000 after acquiring an additional 7,202 shares in the last quarter. BlueMountain Capital Management LLC purchased a new stake in shares of California Resources during the 2nd quarter worth approximately $185,000. Finally, SG Americas Securities LLC purchased a new stake in shares of California Resources during the 2nd quarter worth approximately $216,000. Institutional investors and hedge funds own 72.26% of the company’s stock.

California Resources Company Profile

California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

Further Reading: Market Capitalization – What it Means for Investors

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Analyst Recommendations for California Resources (NYSE:CRC)

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