California Resources (CRC) Trading -0.3% Higher
California Resources Corp (NYSE:CRC)’s share price traded up 0.3% during mid-day trading on Wednesday . The stock traded as high as $17.96 and last traded at $17.89. 606,298 shares were traded during trading, a decline of 66% from the average session volume of 1,760,594 shares. The stock had previously closed at $17.94.
Several equities analysts have recently issued reports on the company. Morgan Stanley upgraded California Resources from an “equal weight” rating to an “overweight” rating and set a $12.00 target price for the company in a research report on Tuesday, November 7th. ValuEngine upgraded California Resources from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 26th. Societe Generale upgraded California Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, November 7th. Zacks Investment Research upgraded California Resources from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research report on Thursday, November 9th. Finally, Imperial Capital boosted their price objective on California Resources from $12.00 to $18.00 and gave the company an “in-line” rating in a research report on Wednesday, November 8th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. California Resources currently has an average rating of “Hold” and a consensus price target of $14.25.
The company has a current ratio of 0.61, a quick ratio of 0.53 and a debt-to-equity ratio of -8.78. The firm has a market cap of $769.05, a PE ratio of -3.59 and a beta of 6.62.
California Resources (NYSE:CRC) last issued its quarterly earnings data on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.61) by $0.39. The business had revenue of $455.00 million during the quarter, compared to analyst estimates of $476.87 million. During the same quarter in the prior year, the firm posted ($1.75) earnings per share. California Resources’s revenue for the quarter was down .2% compared to the same quarter last year. research analysts anticipate that California Resources Corp will post -4.67 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. acquired a new position in California Resources during the 3rd quarter worth approximately $117,000. Raymond James Financial Services Advisors Inc. boosted its position in 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 worth $116,000 after acquiring an additional 743 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in California Resources during the 3rd quarter worth approximately $164,000. Bayesian Capital Management LP acquired a new position in California Resources during the 2nd quarter worth approximately $141,000. Finally, BlueCrest Capital Management Ltd boosted its position in 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 worth $144,000 after acquiring an additional 2,509 shares during the last quarter. Institutional investors and hedge funds own 75.22% of the company’s stock.
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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