California Resources (NYSE:CRC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

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 a number of other research reports. Bank of America boosted their price target on shares of California Resources from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. Imperial Capital cut their price target on shares of California Resources from $28.00 to $20.00 and set a “positive” rating on the stock in a report on Monday, August 5th. Finally, ValuEngine lowered shares of California Resources from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. California Resources has a consensus rating of “Hold” and an average target price of $23.33.

Shares of CRC stock traded down $0.30 during trading hours on Wednesday, reaching $8.76. 1,734,283 shares of the stock traded hands, compared to its average volume of 2,760,290. California Resources has a 1-year low of $4.68 and a 1-year high of $30.18. The business has a fifty day moving average price of $8.76 and a 200 day moving average price of $14.18. The firm has a market capitalization of $445.03 million, a PE ratio of 6.90 and a beta of 4.38.

California Resources (NYSE:CRC) last released its quarterly earnings results on Thursday, October 31st. The oil and gas producer reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.37) by $0.72. California Resources had a net margin of 12.41% and a negative return on equity of 23.46%. The business had revenue of $681.00 million for the quarter, compared to analyst estimates of $620.31 million. During the same quarter in the previous year, the business earned $0.81 earnings per share. The firm’s revenue was down 17.8% compared to the same quarter last year. As a group, analysts forecast that California Resources will post 1.13 earnings per share for the current year.

In other news, Director Avedick Baruyr Poladian purchased 10,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were acquired at an average price of $9.03 per share, for a total transaction of $90,300.00. Following the completion of the acquisition, the director now directly owns 48,439 shares of the company’s stock, valued at $437,404.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.50% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the business. Financial Architects Inc increased its stake in California Resources by 139.2% in the 3rd quarter. Financial Architects Inc now owns 2,406 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 1,400 shares during the period. Tower Research Capital LLC TRC increased its stake in California Resources by 665.5% in the 3rd quarter. Tower Research Capital LLC TRC now owns 6,522 shares of the oil and gas producer’s stock valued at $67,000 after buying an additional 5,670 shares during the period. Hanson McClain Inc. increased its stake in California Resources by 60.2% in the 2nd quarter. Hanson McClain Inc. now owns 4,544 shares of the oil and gas producer’s stock valued at $89,000 after buying an additional 1,708 shares during the period. Point72 Hong Kong Ltd increased its stake in California Resources by 232.9% in the 2nd quarter. Point72 Hong Kong Ltd now owns 6,744 shares of the oil and gas producer’s stock valued at $133,000 after buying an additional 4,718 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in California Resources by 375.0% in the 2nd quarter. State of Alaska Department of Revenue now owns 7,330 shares of the oil and gas producer’s stock valued at $144,000 after buying an additional 5,787 shares during the period. Hedge funds and other institutional investors own 60.92% 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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