California Resources (CRC) Cut to Hold at Zacks Investment Research

Zacks Investment Research cut shares of California Resources (NYSE:CRC) from a buy rating to a hold rating in a report published on Monday morning.

According to Zacks, “California Resources Corporation is engaged in exploration and production of oil and gas. The Company produces, gathers, processes and markets crude oil, natural gas, natural gas liquids and electricity primarily in the State of California. California Resources Corporation is based in Los Angeles, California. “

Other research analysts also recently issued reports about the stock. Morgan Stanley raised shares of California Resources from an equal weight rating to an overweight rating and set a $12.00 price target for the company in a report on Tuesday, November 7th. ValuEngine raised shares of California Resources from a strong sell rating to a sell rating in a report on Tuesday, September 26th. Societe Generale raised shares of California Resources from a hold rating to a buy rating in a report on Tuesday, November 7th. Finally, Imperial Capital raised their price target on shares of California Resources from $12.00 to $18.00 and gave the company an in-line rating in a report on Wednesday, November 8th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $14.25.

California Resources (CRC) opened at $16.94 on Monday. The company has a quick ratio of 0.53, a current ratio of 0.61 and a debt-to-equity ratio of -8.78. California Resources has a fifty-two week low of $6.47 and a fifty-two week high of $23.42.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.61) by $0.39. The firm had revenue of $455.00 million during the quarter, compared to the consensus estimate of $476.87 million. During the same period in the previous year, the business earned ($1.75) earnings per share. The firm’s revenue for the quarter was down .2% on a year-over-year basis. analysts forecast that California Resources will post -4.67 EPS for the current fiscal year.

Institutional investors have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of California Resources during the 3rd quarter valued at $117,000. Raymond James Financial Services Advisors Inc. raised its position in shares of California Resources by 5.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock valued at $116,000 after buying an additional 743 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of California Resources during the 3rd quarter valued at $164,000. Bayesian Capital Management LP purchased a new stake in shares of California Resources during the 2nd quarter valued at $141,000. Finally, BlueCrest Capital Management Ltd raised its position in shares of California Resources by 17.5% during the 2nd quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock valued at $144,000 after buying an additional 2,509 shares in the last quarter. Hedge funds and other institutional investors own 75.45% of the company’s stock.

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California Resources Company Profile

California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).

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