Imperial Capital began coverage on shares of California Resources Corporation (NYSE:CRC) in a research note published on Tuesday morning, MarketBeat.com reports. The firm issued an in-line rating and a $12.00 target price on the oil and gas producer’s stock. Imperial Capital also issued estimates for California Resources Corporation’s Q3 2017 earnings at ($1.72) EPS, Q4 2017 earnings at ($1.69) EPS, FY2017 earnings at ($6.26) EPS and FY2018 earnings at ($4.20) EPS.

Several other research analysts also recently weighed in on the stock. Bank of America Corporation downgraded shares of 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. Zacks Investment Research downgraded shares of California Resources Corporation from a hold rating to a sell rating in a research report on Thursday, July 13th. Morgan Stanley restated an equal weight rating on shares of California Resources Corporation in a research report on Saturday, September 16th. BidaskClub downgraded shares of California Resources Corporation from a sell rating to a strong sell rating in a research report on Saturday, July 8th. Finally, ValuEngine raised shares of California Resources Corporation from a strong sell rating to a sell rating in a research note on Tuesday, September 26th. Three investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. The company has an average rating of Hold and a consensus target price of $14.33.

Shares of California Resources Corporation (NYSE:CRC) traded down 1.72% on Tuesday, hitting $10.28. The stock had a trading volume of 976,295 shares. The firm has a market cap of $439.70 million, a P/E ratio of 0.93 and a beta of 6.35. California Resources Corporation has a 12 month low of $6.47 and a 12 month high of $23.42. The firm’s 50-day moving average price is $8.61 and its 200 day moving average price is $10.18.

California Resources Corporation (NYSE:CRC) last released its quarterly earnings results on Thursday, August 3rd. The oil and gas producer reported ($1.83) earnings per share for the quarter, missing the consensus estimate of ($1.63) by ($0.20). The company had revenue of $516.00 million for the quarter, compared to analysts’ expectations of $450.17 million. During the same period in the previous year, the business posted ($1.80) EPS. The firm’s revenue was up 62.8% on a year-over-year basis. Analysts anticipate that California Resources Corporation will post ($5.85) EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp grew its stake in California Resources Corporation by 23.1% during the 2nd quarter. State Street Corp now owns 3,588,170 shares of the oil and gas producer’s stock valued at $30,673,000 after acquiring an additional 672,825 shares in the last quarter. Vanguard Group Inc. grew its stake in California Resources Corporation by 4.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,848,193 shares of the oil and gas producer’s stock valued at $15,803,000 after acquiring an additional 84,072 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in California Resources Corporation by 193.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,103,278 shares of the oil and gas producer’s stock valued at $9,434,000 after acquiring an additional 727,264 shares in the last quarter. Crescent Park Management L.P. grew its stake in California Resources Corporation by 37.3% during the 2nd quarter. Crescent Park Management L.P. now owns 1,013,766 shares of the oil and gas producer’s stock valued at $8,668,000 after acquiring an additional 275,318 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in California Resources Corporation by 6.4% during the 1st quarter. Bank of America Corp DE now owns 815,237 shares of the oil and gas producer’s stock valued at $12,262,000 after acquiring an additional 48,767 shares in the last quarter. 74.80% of the stock is owned by institutional investors.

About California Resources Corporation

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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