ValuEngine lowered shares of California Resources (NYSE:CRC) from a buy rating to a hold rating in a report released on Tuesday.
CRC has been the subject of several other research reports. Societe Generale raised shares of California Resources from a hold rating to a buy rating in a research note on Thursday, October 11th. Zacks Investment Research raised shares of California Resources from a hold rating to a buy rating and set a $44.00 price objective for the company in a research note on Friday, July 20th. Finally, Evercore ISI assumed coverage on shares of California Resources in a research note on Friday, September 21st. They set an outperform rating and a $55.00 price objective for the company. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. California Resources presently has an average rating of Buy and a consensus price target of $39.75.
NYSE:CRC traded down $0.42 during mid-day trading on Tuesday, hitting $26.54. 152,422 shares of the stock traded hands, compared to its average volume of 1,736,513. The stock has a market cap of $1.39 billion, a P/E ratio of -6.00 and a beta of 5.50. California Resources has a 12-month low of $13.26 and a 12-month high of $50.34.
California Resources (NYSE:CRC) last issued its quarterly earnings data on Thursday, November 1st. The oil and gas producer reported $0.81 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.89. The company had revenue of $828.00 million during the quarter, compared to analysts’ expectations of $689.83 million. California Resources had a negative net margin of 6.39% and a negative return on equity of 3.20%. California Resources’s revenue for the quarter was up 86.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.22) earnings per share. On average, equities analysts anticipate that California Resources will post 1.03 earnings per share for the current year.
In related news, Director Harold M. Korell bought 1,848 shares of the company’s stock in a transaction on Tuesday, November 6th. The stock was acquired at an average cost of $29.17 per share, for a total transaction of $53,906.16. Following the completion of the transaction, the director now directly owns 39,719 shares in the company, valued at approximately $1,158,603.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.31% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its position in California Resources by 5.5% during the second quarter. BlackRock Inc. now owns 3,033,329 shares of the oil and gas producer’s stock valued at $137,835,000 after purchasing an additional 156,881 shares during the last quarter. JPMorgan Chase & Co. lifted its position in California Resources by 933.6% during the third quarter. JPMorgan Chase & Co. now owns 1,031,585 shares of the oil and gas producer’s stock valued at $50,063,000 after purchasing an additional 931,777 shares during the last quarter. FMR LLC bought a new stake in California Resources during the second quarter valued at approximately $27,988,000. Northern Trust Corp lifted its position in California Resources by 7.7% during the second quarter. Northern Trust Corp now owns 546,878 shares of the oil and gas producer’s stock valued at $24,851,000 after purchasing an additional 39,249 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in California Resources by 2.1% during the third quarter. Bank of New York Mellon Corp now owns 223,226 shares of the oil and gas producer’s stock valued at $10,834,000 after purchasing an additional 4,571 shares during the last quarter. Institutional investors and hedge funds own 68.11% 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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