Zacks Investment Research downgraded shares of California Resources Corp. (NYSE:CRC) from a hold rating to a sell rating in a research note released on Monday morning.

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. “

California Resources Corp. (NYSE:CRC) traded down 0.86% during mid-day trading on Monday, reaching $11.57. 311,271 shares of the company’s stock traded hands. California Resources Corp. has a one year low of $2.81 and a one year high of $51.50. The firm’s market cap is $475.53 million. The firm’s 50-day moving average price is $10.91 and its 200 day moving average price is $13.49.

California Resources Corp. (NYSE:CRC) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($1.80) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.49) by $0.31. The business had revenue of $317 million for the quarter, compared to analysts’ expectations of $437.47 million. California Resources Corp. had a negative return on equity of 42.69% and a negative net margin of 195.30%. The company’s revenue was down 50.4% on a year-over-year basis. On average, equities analysts forecast that California Resources Corp. will post ($6.72) EPS for the current year.

A number of hedge funds have recently made changes to their positions in CRC. Fort Washington Investment Advisors Inc OH acquired a new stake in California Resources Corp. during the second quarter worth $127,000. Societe Generale acquired a new stake in California Resources Corp. during the second quarter worth $156,000. Virginia Retirement Systems ET AL acquired a new stake in California Resources Corp. during the second quarter worth $166,000. Princeton Alpha Management LP acquired a new stake in California Resources Corp. during the second quarter worth $180,000. Finally, Highbridge Capital Management LLC acquired a new stake in California Resources Corp. during the second quarter worth $185,000. Institutional investors own 66.07% 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).

5 Day Chart for NYSE:CRC

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