California Resources Corp (NYSE:CRC)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $41.37, but opened at $40.20. California Resources shares last traded at $38.64, with a volume of 2193741 shares changing hands.

CRC has been the subject of a number of research analyst reports. ValuEngine upgraded California Resources from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 19th. Zacks Investment Research upgraded California Resources from a “sell” rating to a “hold” rating and set a $52.00 target price for the company in a report on Wednesday, October 3rd. Evercore ISI began coverage on California Resources in a report on Friday, September 21st. They set an “outperform” rating and a $55.00 target price for the company. Finally, Societe Generale raised California Resources from a “hold” rating to a “buy” rating in a research report on Thursday. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $35.79.

The company has a debt-to-equity ratio of -7.87, a current ratio of 0.63 and a quick ratio of 0.56. The stock has a market cap of $2.35 billion, a PE ratio of -8.93 and a beta of 5.55.

California Resources (NYSE:CRC) last posted its quarterly earnings results on Thursday, August 2nd. The oil and gas producer reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.34). The business had revenue of $549.00 million during the quarter, compared to the consensus estimate of $649.01 million. California Resources’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.83) earnings per share. On average, research analysts predict that California Resources Corp will post -0.35 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the business. Appleton Partners Inc. MA acquired a new stake in California Resources in the 3rd quarter valued at about $365,000. United Services Automobile Association acquired a new stake in California Resources in the 2nd quarter valued at about $312,000. Northern Trust Corp raised its position in California Resources by 7.7% in the 2nd 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 in the last quarter. Bank of New York Mellon Corp raised its position in shares of California Resources by 5.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 218,655 shares of the oil and gas producer’s stock worth $9,935,000 after acquiring an additional 11,855 shares in the last quarter. Finally, Schroder Investment Management Group acquired a new stake in shares of California Resources during the 2nd quarter worth about $427,000. 72.26% of the stock is currently owned by institutional investors.

About California Resources (NYSE:CRC)

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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