California Resources (NYSE:CRC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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. “
CRC has been the topic of several other research reports. ValuEngine upgraded shares of California Resources from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 4th. Bank of America upgraded shares of California Resources from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. Goldman Sachs upgraded shares of California Resources from a “sell” rating to a “neutral” rating and set a $27.50 price target on the stock in a research note on Thursday, February 1st. Societe Generale lowered shares of California Resources from a “buy” rating to a “hold” rating in a research note on Thursday, April 26th. Finally, Imperial Capital raised their price target on shares of California Resources from $30.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, May 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $29.75.
California Resources (NYSE:CRC) last announced its quarterly earnings results on Thursday, May 3rd. The oil and gas producer reported $0.18 EPS for the quarter, beating the consensus estimate of ($0.75) by $0.93. The firm had revenue of $609.00 million during the quarter, compared to analyst estimates of $537.65 million. During the same quarter in the previous year, the business posted ($1.02) EPS. California Resources’s revenue for the quarter was up 3.2% compared to the same quarter last year. sell-side analysts predict that California Resources will post 0.2 EPS for the current year.
In related news, Director Harry T. Mcmahon acquired 35,530 shares of the firm’s stock in a transaction dated Thursday, March 1st. The stock was acquired at an average cost of $14.18 per share, for a total transaction of $503,815.40. Following the completion of the acquisition, the director now directly owns 48,773 shares of the company’s stock, valued at approximately $691,601.14. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.31% of the company’s stock.
Several institutional investors have recently bought and sold shares of CRC. Wells Fargo & Company MN boosted its holdings in shares of California Resources by 95.8% in the third quarter. Wells Fargo & Company MN now owns 49,371 shares of the oil and gas producer’s stock valued at $517,000 after acquiring an additional 24,159 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of California Resources by 2.0% in the third quarter. Dimensional Fund Advisors LP now owns 153,318 shares of the oil and gas producer’s stock valued at $1,604,000 after acquiring an additional 3,079 shares in the last quarter. Engineers Gate Manager LP bought a new position in shares of California Resources in the fourth quarter valued at approximately $909,000. Barnett & Company Inc. boosted its holdings in shares of California Resources by 306.9% in the fourth quarter. Barnett & Company Inc. now owns 5,701 shares of the oil and gas producer’s stock valued at $111,000 after acquiring an additional 4,300 shares in the last quarter. Finally, Alps Advisors Inc. bought a new position in shares of California Resources in the fourth quarter valued at approximately $248,000. Institutional investors and hedge funds own 73.34% 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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