California Resources Corp (NYSE:CRC)’s share price rose 7.4% during mid-day trading on Wednesday . The stock traded as high as $27.65 and last traded at $27.05. Approximately 3,134,980 shares were traded during mid-day trading, an increase of 46% from the average daily volume of 2,146,553 shares. The stock had previously closed at $25.19.

CRC has been the topic of several analyst reports. Bank of America lowered California Resources to a “sell” rating and set a $10.00 target price on the stock. in a research note on Thursday, December 20th. Zacks Investment Research lowered California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, December 25th. Finally, ValuEngine lowered California Resources from a “hold” rating to a “sell” rating in a research note on Sunday, February 10th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. California Resources presently has an average rating of “Buy” and an average target price of $46.00.

The company has a market cap of $1.23 billion, a PE ratio of 21.99 and a beta of 4.76.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Wednesday, February 27th. The oil and gas producer reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.50. California Resources had a negative return on equity of 11.34% and a net margin of 10.70%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $658.79 million. During the same quarter in the previous year, the firm earned ($0.33) earnings per share. The company’s revenue was up 136.9% on a year-over-year basis. On average, equities research analysts forecast that California Resources Corp will post 0.35 earnings per share for the current year.

Several hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its position in shares of California Resources by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 488,053 shares of the oil and gas producer’s stock worth $8,316,000 after purchasing an additional 3,037 shares in the last quarter. Norges Bank purchased a new stake in shares of California Resources during the fourth quarter worth approximately $5,203,000. Dimensional Fund Advisors LP increased its position in shares of California Resources by 57.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 807,671 shares of the oil and gas producer’s stock worth $13,763,000 after purchasing an additional 294,906 shares in the last quarter. FMR LLC increased its position in shares of California Resources by 8.0% during the fourth quarter. FMR LLC now owns 679,804 shares of the oil and gas producer’s stock worth $11,584,000 after purchasing an additional 50,276 shares in the last quarter. Finally, Deprince Race & Zollo Inc. increased its position in shares of California Resources by 60.5% during the fourth quarter. Deprince Race & Zollo Inc. now owns 26,000 shares of the oil and gas producer’s stock worth $443,000 after purchasing an additional 9,800 shares in the last quarter. Institutional investors and hedge funds own 74.32% of the company’s stock.

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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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