Morgan Stanley Upgrades California Resources Corp. (CRC) to “Equal Weight”
California Resources Corp. (NYSE:CRC) was upgraded by research analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a note issued to investors on Tuesday.
Separately, Zacks Investment Research raised shares of California Resources Corp. from a “sell” rating to a “hold” rating in a research report on Monday, October 17th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $24.00.
California Resources Corp. (NYSE:CRC) opened at 15.94 on Tuesday. California Resources Corp. has a 52-week low of $2.81 and a 52-week high of $42.50. The firm has a 50 day moving average of $12.24 and a 200-day moving average of $12.64. The company’s market capitalization is $657.00 million.
California Resources Corp. (NYSE:CRC) last released its quarterly earnings results on Thursday, November 3rd. The company reported ($1.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.55) by $0.20. California Resources Corp. had a negative net margin of 176.16% and a negative return on equity of 42.69%. Equities analysts expect that California Resources Corp. will post ($7.29) EPS for the current year.
Several institutional investors have recently made changes to their positions in CRC. JPMorgan Chase & Co. raised its position in shares of California Resources Corp. by 1,122.9% in the first quarter. JPMorgan Chase & Co. now owns 2,918,282 shares of the company’s stock valued at $3,007,000 after buying an additional 2,679,640 shares during the last quarter. UBS Asset Management Americas Inc. raised its position in California Resources Corp. by 123.6% in the first quarter. UBS Asset Management Americas Inc. now owns 1,461,560 shares of the company’s stock worth $1,505,000 after buying an additional 807,798 shares in the last quarter. Legal & General Group Plc raised its position in California Resources Corp. by 48.9% in the first quarter. Legal & General Group Plc now owns 1,783,868 shares of the company’s stock worth $1,841,000 after buying an additional 586,006 shares in the last quarter. Squarepoint Ops LLC raised its position in California Resources Corp. by 823.2% in the first quarter. Squarepoint Ops LLC now owns 676,752 shares of the company’s stock worth $697,000 after buying an additional 603,447 shares in the last quarter. Finally, Bedrijfstakpensioenfonds Voor DE Media PNO acquired a new position in California Resources Corp. during the second quarter worth about $296,000. 66.20% of the stock is owned by hedge funds and other institutional investors.
About California Resources Corp.
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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