California Resources (NYSE:CRC) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of California Resources (NYSE:CRC) from a hold rating to a sell rating in a research report report published on Tuesday, January 9th.

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. Morgan Stanley lifted their price objective on shares of California Resources from $11.00 to $12.00 and gave the stock an equal weight rating in a research note on Wednesday, October 18th. Societe Generale lowered shares of California Resources from a buy rating to a hold rating in a research note on Thursday, January 4th. Imperial Capital initiated coverage on shares of California Resources in a research note on Tuesday, October 3rd. They set an in-line rating and a $12.00 price objective on the stock. Bank of America upgraded shares of California Resources from an underperform rating to a neutral rating and set a $24.00 target price on the stock in a report on Thursday, January 4th. Finally, ValuEngine upgraded shares of California Resources from a strong sell rating to a sell rating in a report on Tuesday, September 26th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. California Resources has a consensus rating of Hold and a consensus price target of $17.75.

Shares of California Resources (NYSE:CRC) traded up $1.66 during midday trading on Tuesday, hitting $23.67. 1,500,000 shares of the stock traded hands, compared to its average volume of 1,640,000. The company has a market cap of $1,010.00, a price-to-earnings ratio of -4.73 and a beta of 6.63. 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 one year low of $6.47 and a one year high of $23.81.

California Resources (NYSE:CRC) last issued its earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.61) by $0.39. The business had revenue of $455.00 million during the quarter, compared to the consensus estimate of $476.87 million. During the same period last year, the business posted ($1.75) EPS. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. equities research analysts expect that California Resources will post -4.65 EPS for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of CRC. Raymond James Financial Services Advisors Inc. raised its holdings in shares of California Resources by 5.8% in the second 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 purchasing an additional 743 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of California Resources in the third quarter valued at approximately $117,000. Koch Industries Inc. raised its holdings in shares of California Resources by 1,014.6% in the second quarter. Koch Industries Inc. now owns 148,225 shares of the oil and gas producer’s stock valued at $133,000 after purchasing an additional 134,927 shares during the last quarter. Bayesian Capital Management LP acquired a new stake in shares of California Resources in the second quarter valued at approximately $141,000. Finally, BlueCrest Capital Management Ltd raised its holdings in shares of California Resources by 17.5% in the second quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock valued at $144,000 after purchasing an additional 2,509 shares during the last quarter. Institutional investors own 75.22% of the company’s stock.

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About California Resources

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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