California Resources Corp (NYSE:CRC)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $26.19, but opened at $23.59. California Resources shares last traded at $21.07, with a volume of 3423069 shares.

CRC has been the topic of a number of research reports. TheStreet upgraded shares of California Resources from a “d” rating to a “c-” rating in a research report on Thursday, November 15th. Zacks Investment Research lowered shares of California Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, September 18th. Societe Generale upgraded shares of California Resources from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. ValuEngine lowered shares of California Resources from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 17th. Finally, Evercore ISI initiated coverage on shares of California Resources in a research report on Friday, September 21st. They set an “outperform” rating and a $55.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. California Resources currently has a consensus rating of “Buy” and an average target price of $39.75.

The stock has a market capitalization of $1.02 billion, a PE ratio of -4.96 and a beta of 5.41.

California Resources (NYSE:CRC) last announced its earnings results on Thursday, November 1st. The oil and gas producer reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.89. The business had revenue of $828.00 million for the quarter, compared to analyst estimates of $689.83 million. California Resources had a negative net margin of 6.39% and a negative return on equity of 3.20%. The company’s revenue for the quarter was up 86.1% compared to the same quarter last year. During the same period last year, the firm posted ($1.22) earnings per share. Analysts forecast that California Resources Corp will post 1.03 earnings per share for the current fiscal year.

In related news, Director Harold M. Korell purchased 1,848 shares of the firm’s stock in a transaction that occurred on Tuesday, November 6th. The stock was purchased at an average cost of $29.17 per share, with a total value of $53,906.16. Following the completion of the acquisition, the director now directly owns 39,719 shares in the company, valued at $1,158,603.23. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Harold M. Korell purchased 4,736 shares of the firm’s stock in a transaction that occurred on Tuesday, November 20th. The shares were bought at an average cost of $21.11 per share, with a total value of $99,976.96. Following the completion of the acquisition, the director now owns 44,455 shares of the company’s stock, valued at $938,445.05. The disclosure for this purchase can be found here. Company insiders own 1.31% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Rehmann Capital Advisory Group lifted its holdings in shares of California Resources by 172,300.0% during the third quarter. Rehmann Capital Advisory Group now owns 12,068 shares of the oil and gas producer’s stock worth $586,000 after purchasing an additional 12,061 shares during the period. Vanguard Group Inc. lifted its holdings in shares of California Resources by 11.1% during the third quarter. Vanguard Group Inc. now owns 3,803,159 shares of the oil and gas producer’s stock worth $184,568,000 after purchasing an additional 381,230 shares during the period. Morgan Stanley lifted its holdings in shares of California Resources by 25.4% during the third quarter. Morgan Stanley now owns 778,723 shares of the oil and gas producer’s stock worth $37,791,000 after purchasing an additional 157,728 shares during the period. Legal & General Group Plc lifted its holdings in shares of California Resources by 137.7% during the third quarter. Legal & General Group Plc now owns 17,469 shares of the oil and gas producer’s stock worth $847,000 after purchasing an additional 10,121 shares during the period. Finally, Lombard Odier Asset Management USA Corp acquired a new stake in shares of California Resources during the third quarter worth $2,912,000. 71.40% of the stock is owned by hedge funds and other institutional investors.

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California Resources Company Profile (NYSE:CRC)

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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