Zacks Investment Research Upgrades California Resources Corp. (CRC) to “Hold”
California Resources Corp. (NYSE:CRC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.
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 1.16% on Monday, reaching $11.07. The company had a trading volume of 1,494,047 shares. The stock’s 50 day moving average price is $10.96 and its 200-day moving average price is $13.44. California Resources Corp. has a 12-month low of $2.81 and a 12-month high of $51.50. The stock’s market capitalization is $454.98 million.
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 company earned $317 million during the quarter, compared to analysts’ expectations of $437.47 million. The business’s quarterly revenue was down 50.4% compared to the same quarter last year. Equities analysts expect that California Resources Corp. will post ($6.72) earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Fort Washington Investment Advisors Inc OH acquired a new position in shares of California Resources Corp. during the second quarter valued at $127,000. Societe Generale purchased a new position in California Resources Corp. during the second quarter worth $156,000. Virginia Retirement Systems ET AL purchased a new position in California Resources Corp. during the second quarter worth $166,000. Princeton Alpha Management LP purchased a new position in California Resources Corp. during the second quarter worth $180,000. Finally, Highbridge Capital Management LLC purchased a new position in California Resources Corp. during the second quarter worth $185,000. Institutional investors and hedge funds own 66.02% 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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