ValuEngine Downgrades California Resources (NYSE:CRC) to Buy

ValuEngine lowered shares of California Resources (NYSE:CRC) from a strong-buy rating to a buy rating in a research note published on Wednesday, October 17th.

Other research analysts have also recently 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 target for the company in a research report on Friday, July 20th. Societe Generale raised California Resources from a hold rating to a buy rating in a research report on Thursday, October 11th. Finally, Evercore ISI started coverage on California Resources in a research report on Friday, September 21st. They set an outperform rating and a $55.00 price target for the company. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. California Resources presently has an average rating of Buy and a consensus price target of $39.75.

Shares of CRC stock traded up $0.72 on Wednesday, hitting $27.68. 3,090,555 shares of the stock were exchanged, compared to its average volume of 1,723,888. The stock has a market capitalization of $1.42 billion, a P/E ratio of -6.29 and a beta of 5.50. California Resources has a fifty-two week low of $13.26 and a fifty-two week high of $50.34.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Thursday, November 1st. The oil and gas producer reported $0.81 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.89. California Resources had a negative return on equity of 3.20% and a negative net margin of 6.39%. The company had revenue of $828.00 million during the quarter, compared to analysts’ expectations of $689.83 million. During the same period in the prior year, the firm earned ($1.22) earnings per share. California Resources’s revenue for the quarter was up 86.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that California Resources will post 1.03 earnings per share for the current fiscal year.

In other California Resources news, Director Harold M. Korell acquired 1,848 shares of the business’s stock in a transaction dated Tuesday, November 6th. The stock was bought at an average cost of $29.17 per share, with a total value of $53,906.16. Following the completion of the transaction, the director now directly owns 39,719 shares in the company, valued at approximately $1,158,603.23. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 1.31% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in CRC. Guidant Wealth Advisors increased its stake in shares of California Resources by 7,327.0% during the second quarter. Guidant Wealth Advisors now owns 4,679 shares of the oil and gas producer’s stock worth $129,000 after purchasing an additional 4,616 shares during the period. Cubist Systematic Strategies LLC increased its stake in shares of California Resources by 1,469.8% during the first quarter. Cubist Systematic Strategies LLC now owns 7,692 shares of the oil and gas producer’s stock worth $132,000 after purchasing an additional 7,202 shares during the period. BlueMountain Capital Management LLC bought a new position in shares of California Resources during the second quarter worth approximately $185,000. SG Americas Securities LLC bought a new position in shares of California Resources during the second quarter worth approximately $216,000. Finally, WINTON GROUP Ltd bought a new position in shares of California Resources during the second quarter worth approximately $216,000. Institutional investors own 68.11% of the company’s stock.

About California Resources

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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Analyst Recommendations for California Resources (NYSE:CRC)

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