California Resources (NYSE:CRC) Upgraded by Zacks Research to “Hold” Rating

California Resources (NYSE:CRC) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

CRC has been the subject of several other research reports. UBS Group set a $63.00 price target on shares of California Resources and gave the stock a “buy” rating in a research report on Monday, January 26th. Pickering Energy Partners cut California Resources from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Mizuho increased their target price on California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Wells Fargo & Company reissued an “overweight” rating and issued a $56.00 price target (down from $58.00) on shares of California Resources in a research note on Tuesday, December 9th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Resources in a research note on Wednesday, January 21st. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $63.90.

California Resources Stock Performance

NYSE:CRC opened at $59.27 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 0.89. The stock has a market capitalization of $4.96 billion, a PE ratio of 13.78 and a beta of 1.15. California Resources has a fifty-two week low of $30.97 and a fifty-two week high of $60.03. The company has a fifty day moving average of $49.53 and a two-hundred day moving average of $49.48.

Institutional Investors Weigh In On California Resources

Institutional investors have recently made changes to their positions in the stock. Invesco Ltd. raised its stake in shares of California Resources by 3.0% in the 4th quarter. Invesco Ltd. now owns 1,102,049 shares of the oil and gas producer’s stock valued at $49,273,000 after acquiring an additional 32,460 shares during the period. Mackenzie Financial Corp increased its holdings in California Resources by 8.2% in the 4th quarter. Mackenzie Financial Corp now owns 11,313 shares of the oil and gas producer’s stock valued at $504,000 after purchasing an additional 862 shares during the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in California Resources by 12.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,616,761 shares of the oil and gas producer’s stock worth $72,285,000 after purchasing an additional 174,154 shares in the last quarter. Empowered Funds LLC lifted its stake in California Resources by 116.0% during the fourth quarter. Empowered Funds LLC now owns 100,631 shares of the oil and gas producer’s stock worth $4,499,000 after purchasing an additional 54,041 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of California Resources in the fourth quarter valued at $3,008,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.