California Resources Corp. (CRC) Receives $35.00 Average Target Price from Brokerages
Shares of California Resources Corp. (NYSE:CRC) have received an average rating of “Hold” from the six research firms that are presently covering the company. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $35.00.
Separately, Zacks Investment Research cut shares of California Resources Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, July 20th.
California Resources Corp. (NYSE:CRC) opened at 11.20 on Thursday. The company has a 50 day moving average of $10.96 and a 200-day moving average of $13.44. The company’s market cap is $460.32 million. California Resources Corp. has a one year low of $2.81 and a one year high of $51.50.
California Resources Corp. (NYSE:CRC) last issued its earnings results on Thursday, August 4th. The company reported ($1.80) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.49) by $0.31. California Resources Corp. had a negative return on equity of 42.69% and a negative net margin of 195.30%. The business had revenue of $317 million for the quarter, compared to analysts’ expectations of $437.47 million. California Resources Corp.’s revenue was down 50.4% compared to the same quarter last year. On average, equities analysts expect that California Resources Corp. will post ($6.72) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Emerald Acquisition Ltd. purchased a new position in California Resources Corp. during the second quarter worth $425,000. Societe Generale purchased a new position in California Resources Corp. during the second quarter worth $156,000. Quantbot Technologies LP purchased a new position in California Resources Corp. during the second quarter worth $374,000. Bank of Montreal Can bought a new stake in California Resources Corp. during the second quarter worth approximately $220,000. Finally, Bedrijfstakpensioenfonds Voor DE Media PNO bought a new stake in California Resources Corp. during the second quarter worth approximately $296,000. 66.07% of the stock is owned by institutional investors.
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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