California Resources (NYSE:CRC) Raised to Hold at Zacks Research

California Resources (NYSE:CRC) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

A number of other analysts also recently weighed in on the stock. Citigroup cut their price target on shares of California Resources from $78.00 to $70.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Barclays set a $74.00 target price on California Resources and gave the company an “overweight” rating in a report on Monday, August 17th. Mizuho boosted their price target on California Resources from $86.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Weiss Ratings upgraded California Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen downgraded California Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $72.27.

California Resources Price Performance

California Resources stock opened at $53.02 on Wednesday. The stock’s fifty day moving average price is $52.65 and its two-hundred day moving average price is $58.76. California Resources has a one year low of $43.24 and a one year high of $71.98. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.66 and a quick ratio of 0.56. The firm has a market cap of $4.71 billion, a PE ratio of -38.99 and a beta of 0.93.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Monday, August 10th. The oil and gas producer reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.37). The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $960.20 million. California Resources had a positive return on equity of 9.82% and a negative net margin of 3.79%.The firm’s revenue for the quarter was up 33.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.10 EPS. As a group, research analysts expect that California Resources will post 3.63 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jay A. Bys sold 11,907 shares of California Resources stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $54.00, for a total transaction of $642,978.00. Following the sale, the executive vice president directly owned 147,517 shares of the company’s stock, valued at approximately $7,965,918. This trade represents a 7.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 35,721 shares of company stock valued at $2,020,380 in the last ninety days. 0.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Valued Wealth Advisors LLC acquired a new stake in California Resources during the 1st quarter worth approximately $29,000. Rockefeller Capital Management L.P. increased its position in California Resources by 363.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 440 shares during the period. Steward Partners Investment Advisory LLC bought a new position in shares of California Resources during the fourth quarter valued at $26,000. Pinnacle Holdings LLC bought a new position in shares of California Resources during the fourth quarter valued at $27,000. Finally, EMC Capital Management acquired a new position in shares of California Resources during the fourth quarter worth $42,000. Institutional investors own 97.79% of the company’s stock.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.