Zacks Investment Research cut shares of California Resources Corp. (NYSE:CRC) from a hold rating to a sell rating in a report issued on Tuesday.
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. “
Separately, Morgan Stanley upgraded California Resources Corp. from an underweight rating to an equal weight rating and increased their target price for the company from $18.00 to $21.00 in a research note on Tuesday, November 22nd. One analyst has rated the stock with a sell rating and four have given a hold rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $16.20.
California Resources Corp. (NYSE:CRC) opened at 20.39 on Tuesday. The firm’s market cap is $840.41 million. The firm’s 50-day moving average price is $19.64 and its 200-day moving average price is $13.65. California Resources Corp. has a 12 month low of $2.81 and a 12 month high of $25.50.
California Resources Corp. (NYSE:CRC) last announced its earnings results on Thursday, November 3rd. The company reported ($1.75) earnings per share for the quarter, missing the consensus estimate of ($1.55) by $0.20. Equities research analysts predict that California Resources Corp. will post ($7.63) earnings per share for the current year.
Several hedge funds have recently made changes to their positions in CRC. Fort Washington Investment Advisors Inc OH purchased a new stake in shares of California Resources Corp. during the second quarter worth approximately $127,000. Virginia Retirement Systems ET AL purchased a new stake in shares of California Resources Corp. during the second quarter worth approximately $166,000. Airain ltd purchased a new stake in shares of California Resources Corp. during the third quarter worth approximately $167,000. Morgan Stanley increased its stake in shares of California Resources Corp. by 11.7% in the third quarter. Morgan Stanley now owns 14,486 shares of the company’s stock worth $181,000 after buying an additional 1,519 shares in the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in shares of California Resources Corp. during the second quarter worth approximately $185,000. Institutional investors own 81.77% of the company’s stock.
California Resources Corp. Company Profile
California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produces approximately 160 thousand barrels of oil equivalent per day (MBoe/d). It has net proved reserves of over 640 million barrels of oil equivalent (MMBoe).
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