California Resources Corporation (CRC) Receives “Equal Weight” Rating from Morgan Stanley

Morgan Stanley restated their equal weight rating on shares of California Resources Corporation (NYSE:CRC) in a research note issued to investors on Saturday.

Several other brokerages have also recently issued reports on CRC. Bank of America Corporation cut California Resources Corporation from a neutral rating to an underperform rating and dropped their price target for the company from $22.00 to $10.00 in a research report on Friday, June 30th. Zacks Investment Research cut California Resources Corporation from a hold rating to a sell rating in a research report on Thursday, July 13th. Finally, BidaskClub cut California Resources Corporation from a sell rating to a strong sell rating in a research report on Saturday, July 8th.

California Resources Corporation (NYSE CRC) traded up 1.07% during mid-day trading on Friday, reaching $8.51. The company had a trading volume of 2,590,304 shares. The firm’s 50 day moving average price is $7.44 and its 200-day moving average price is $10.80. The company has a market capitalization of $363.99 million, a price-to-earnings ratio of 0.77 and a beta of 6.24. California Resources Corporation has a 12 month low of $6.47 and a 12 month high of $23.42.

California Resources Corporation (NYSE:CRC) last issued its quarterly earnings results on Thursday, August 3rd. The oil and gas producer reported ($1.83) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.63) by ($0.20). The company had revenue of $516.00 million during the quarter, compared to analysts’ expectations of $450.17 million. The firm’s revenue for the quarter was up 62.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.80) EPS. Equities research analysts anticipate that California Resources Corporation will post ($5.80) earnings per share for the current year.

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Hedge funds have recently modified their holdings of the stock. Karp Capital Management Corp acquired a new position in California Resources Corporation in the 1st quarter valued at about $182,000. Ameriprise Financial Inc. increased its position in California Resources Corporation by 12.6% in the 1st 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. Raymond James Financial Services Advisors Inc. acquired a new position in California Resources Corporation during the 1st quarter worth approximately $194,000. BlueCrest Capital Management Ltd acquired a new position in California Resources Corporation during the 1st quarter worth approximately $215,000. Finally, Two Sigma Securities LLC acquired a new position in California Resources Corporation during the 1st quarter worth approximately $228,000. Hedge funds and other institutional investors own 74.83% of the company’s stock.

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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