California Resources (NYSE:CRC) was downgraded by research analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a report issued on Wednesday.

Other research analysts have also issued reports about the company. Zacks Investment Research raised California Resources from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a report on Friday, July 20th. Societe Generale raised California Resources from a “hold” rating to a “buy” rating in a report on Thursday, October 11th. Finally, Evercore ISI initiated coverage on California Resources in a report on Friday, September 21st. They issued an “outperform” rating and a $55.00 price objective on the stock. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. California Resources currently has a consensus rating of “Buy” and a consensus price target of $35.79.

California Resources stock traded down $1.85 during midday trading on Wednesday, reaching $37.51. The company’s stock had a trading volume of 1,372,300 shares, compared to its average volume of 1,935,976. The company has a debt-to-equity ratio of -7.87, a quick ratio of 0.56 and a current ratio of 0.63. California Resources has a 52-week low of $8.84 and a 52-week high of $50.34. The stock has a market cap of $2.35 billion, a PE ratio of -8.53 and a beta of 5.55.

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

Hedge funds have recently made changes to their positions in the company. BlueMountain Capital Management LLC acquired a new position in shares of California Resources in the second quarter valued at about $185,000. Guidant Wealth Advisors increased its holdings in shares of California Resources by 7,327.0% in the second quarter. Guidant Wealth Advisors now owns 4,679 shares of the oil and gas producer’s stock valued at $129,000 after purchasing an additional 4,616 shares during the period. WINTON GROUP Ltd acquired a new position in shares of California Resources in the second quarter valued at about $216,000. SG Americas Securities LLC acquired a new stake in California Resources during the second quarter worth about $216,000. Finally, Great West Life Assurance Co. Can grew its holdings in California Resources by 76.1% during the second quarter. Great West Life Assurance Co. Can now owns 4,771 shares of the oil and gas producer’s stock worth $217,000 after acquiring an additional 2,061 shares during the period. 72.26% of the stock is currently owned by institutional investors and hedge funds.

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.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for California Resources (NYSE:CRC)

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