California Resources (CRC) Cut to “Sell” at Goldman Sachs Group

California Resources (NYSE:CRC) was downgraded by equities researchers at Goldman Sachs Group from a “neutral” rating to a “sell” rating in a research note issued on Friday, April 12th, MarketBeat Ratings reports. They currently have a $20.00 target price on the oil and gas producer’s stock, up from their prior target price of $19.00. Goldman Sachs Group’s price objective would indicate a potential upside of 0.65% from the stock’s previous close.

CRC has been the subject of a number of other research reports. ValuEngine upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Bank of America cut shares of California Resources to a “sell” rating and set a $10.00 price target for the company. in a research note on Thursday, December 20th. Zacks Investment Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 6th. Finally, Mizuho assumed coverage on shares of California Resources in a research note on Thursday, March 28th. They issued a “buy” rating and a $35.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $35.17.

CRC traded up $1.15 during trading hours on Friday, hitting $19.87. 3,913,174 shares of the company’s stock were exchanged, compared to its average volume of 2,258,434. California Resources has a 1-year low of $13.48 and a 1-year high of $50.34. The stock has a market capitalization of $969.64 million, a price-to-earnings ratio of 15.65 and a beta of 4.57.

California Resources (NYSE:CRC) last announced its earnings results on Thursday, May 2nd. The oil and gas producer reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.94. The business had revenue of $690.00 million during the quarter, compared to analysts’ expectations of $635.00 million. California Resources had a net margin of 10.70% and a negative return on equity of 11.34%. The firm’s revenue was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.18 earnings per share. On average, equities research analysts predict that California Resources will post 1.16 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the company. Lombard Odier Asset Management USA Corp bought a new position in shares of California Resources in the third quarter valued at about $2,912,000. Gabelli Funds LLC raised its position in shares of California Resources by 129.0% in the fourth quarter. Gabelli Funds LLC now owns 137,558 shares of the oil and gas producer’s stock valued at $2,344,000 after purchasing an additional 77,500 shares during the period. Vanguard Group Inc raised its position in shares of California Resources by 11.1% in the third quarter. Vanguard Group Inc now owns 3,803,159 shares of the oil and gas producer’s stock valued at $184,568,000 after purchasing an additional 381,230 shares during the period. James Investment Research Inc. bought a new position in shares of California Resources in the fourth quarter valued at about $1,000,000. Finally, FMR LLC raised its position in shares of California Resources by 8.0% in the fourth quarter. FMR LLC now owns 679,804 shares of the oil and gas producer’s stock valued at $11,584,000 after purchasing an additional 50,276 shares during the period. 74.80% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for California Resources (NYSE:CRC)

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