California Resources Corporation (CRC) Trading Up 8.7%
California Resources Corporation (NYSE:CRC)’s share price was up 8.7% on Tuesday . The company traded as high as $8.27 and last traded at $8.12. Approximately 1,905,331 shares traded hands during trading, an increase of 3% from the average daily volume of 1,842,050 shares. The stock had previously closed at $7.47.
A number of equities analysts have weighed in on CRC shares. BidaskClub downgraded California Resources Corporation from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 8th. Bank of America Corporation downgraded California Resources Corporation from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $22.00 to $10.00 in a research report on Friday, June 30th. Finally, Zacks Investment Research raised California Resources Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th.
The firm has a 50-day moving average price of $7.45 and a 200-day moving average price of $10.90. The stock has a market capitalization of $355.01 million, a PE ratio of 0.75 and a beta of 6.24.
California Resources Corporation (NYSE:CRC) last announced its quarterly earnings data on Thursday, August 3rd. The oil and gas producer reported ($1.83) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.63) by ($0.20). The business had revenue of $516.00 million during the quarter, compared to analysts’ expectations of $450.17 million. During the same period in the previous year, the business earned ($1.80) earnings per share. The business’s revenue for the quarter was up 62.8% on a year-over-year basis. On average, analysts expect that California Resources Corporation will post ($5.80) earnings per share for the current year.
A number of institutional investors have recently made changes to their positions in the business. American International Group Inc. grew its stake in California Resources Corporation by 3.3% in the first quarter. American International Group Inc. now owns 19,524 shares of the oil and gas producer’s stock valued at $294,000 after acquiring an additional 630 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in California Resources Corporation by 5.8% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock valued at $116,000 after acquiring an additional 743 shares during the period. Ameriprise Financial Inc. grew its stake in California Resources Corporation by 12.6% in the first quarter. Ameriprise Financial Inc. now owns 12,152 shares of the oil and gas producer’s stock valued at $182,000 after acquiring an additional 1,356 shares during the period. Teachers Advisors LLC grew its stake in California Resources Corporation by 2.9% in the first quarter. Teachers Advisors LLC now owns 64,044 shares of the oil and gas producer’s stock valued at $963,000 after acquiring an additional 1,780 shares during the period. Finally, BlueCrest Capital Management Ltd grew its stake in California Resources Corporation by 17.5% in the second quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock valued at $144,000 after acquiring an additional 2,509 shares during the period. 74.83% of the stock is owned by hedge funds and other institutional investors.
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California Resources Corporation 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 produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).
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