ValuEngine Downgrades California Resources (CRC) to Buy
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.
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
To view ValuEngine’s full report, visit ValuEngine’s official website.
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