California Resources (NYSE: CRC – Get Appraisal) was upgraded by StockNews.com equity researchers from a “hold” rating to a “buy” rating in a report released Friday.
A number of other equity research analysts also weighed in on the company. KeyCorp raised its price target on California Resources from $50.00 to $51.00 and gave the company an “overweight” rating in a Friday, April 8 research note. TheStreet downgraded California Resources from a “c” rating to a “d” rating in a Thursday, May 5, research report. Bank of America downgraded California Resources from a “buy” rating to an “underperform” rating and set a price target of $49.00 for the stock. in a report on Tuesday July 19. MKM Partners reissued a “buy” rating and posted a price target of $48.00 on California Resources shares in a Wednesday, July 20 report. Finally, Citigroup launched coverage on California Resources in a Tuesday, May 10 report. They issued a “buy” rating and a price target of $60.00 on the stock. One financial analyst gave the stock a sell rating and five gave the company’s stock a buy rating. Based on data from MarketBeat.com, California Resources currently has an average rating of “Moderate Buy” and an average target price of $53.60.
California resources supply 6.3%
CRC shares traded at $2.66 during Friday trading hours, hitting $44.71. The company had a trading volume of 718,838 shares, compared to an average volume of 859,436. The company has a leverage ratio of 0.41, a quick ratio of 0.65 and a current ratio of 0.69. California Resources has a 12-month low of $27.31 and a 12-month high of $50.44. The company has a market capitalization of $3.47 billion, a P/E ratio of 4.41 and a beta of 1.02. The stock’s fifty-day simple moving average is $42.05 and its 200-day simple moving average is $42.61.
California Resources (NYSE:CRC – Get Rating) last released quarterly earnings data on Thursday, May 5. The oil and gas producer reported earnings per share of $1.13 for the quarter, missing analyst consensus estimates of $1.14 per ($0.01). California Resources had a net margin of 39.21% and a return on equity of 36.38%. The company posted revenue of $153.00 million for the quarter, versus analyst estimates of $443.19 million. In the same quarter last year, the company achieved EPS of $1.22. California Resources’ revenue for the quarter was down 57.9% from the same quarter last year. As a group, sell-side analysts expect California Resources to post earnings per share of 7.19 for the current fiscal year.
Hedge funds weigh on California resources
A number of hedge funds have recently changed their CRC holdings. Allspring Global Investments Holdings LLC acquired a new position in California Resources stock in Q4 worth $1,530,000. Calamos Advisors LLC increased its position in California Resources shares by 177.6% during the fourth quarter. Calamos Advisors LLC now owns 113,142 shares of the oil and gas producer worth $4,832,000 after buying an additional 72,382 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in California Resources by 24.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,857 shares of the oil and gas producer valued at $250,000 after acquiring 1,154 additional shares during the period. DekaBank Deutsche Girozentrale increased its stake in California Resources by 37.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 12,944 shares of the oil and gas producer valued at $552,000 after acquiring 3,496 additional shares during the period. Finally, New York State Common Retirement Fund increased its stake in California Resources by 0.9% during the fourth quarter. The New York State Common Retirement Fund now owns 282,708 shares of the oil and gas producer valued at $12,074,000 after acquiring 2,408 additional shares during the period. 92.24% of the shares are currently held by institutional investors and hedge funds.
About California Resources
(Get a rating)
California Resources Corporation operates as an independent oil and gas company. The Company explores for, produces, assembles, processes and markets crude oil, natural gas and natural gas liquids for traders, California refineries and other buyers who have access to transportation and storage facilities.
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