Equities research analysts at Evercore ISI began coverage on shares of California Resources (NYSE:CRC) in a note issued to investors on Friday, September 21st, Marketbeat reports. The brokerage set an “outperform” rating and a $55.00 price target on the oil and gas producer’s stock. Evercore ISI’s price target would indicate a potential upside of 39.95% from the stock’s previous close.
Other research analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of California Resources from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Friday, July 20th. ValuEngine raised shares of California Resources from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 19th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. California Resources currently has an average rating of “Buy” and a consensus price target of $35.79.
NYSE CRC traded up $0.66 during trading hours on Friday, reaching $39.30. The company had a trading volume of 2,003,718 shares, compared to its average volume of 1,947,145. California Resources has a 1-year low of $8.84 and a 1-year high of $50.34. The company has a debt-to-equity ratio of -7.87, a current ratio of 0.63 and a quick ratio of 0.56. The stock has a market capitalization of $2.35 billion, a P/E ratio of -8.93 and a beta of 5.55.
California Resources (NYSE:CRC) last posted its earnings results on Thursday, August 2nd. The oil and gas producer reported ($0.29) EPS for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.34). The business had revenue of $549.00 million for the quarter, compared to the consensus estimate of $649.01 million. During the same quarter in the prior year, the firm earned ($1.83) earnings per share. California Resources’s revenue was up 6.4% compared to the same quarter last year. As a group, analysts anticipate that California Resources will post -0.35 EPS for the current year.
Several institutional investors and hedge funds have recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of California Resources by 4.7% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 38,067 shares of the oil and gas producer’s stock worth $654,000 after purchasing an additional 1,707 shares in the last quarter. Great West Life Assurance Co. Can lifted its position in shares of California Resources by 76.1% during the second quarter. Great West Life Assurance Co. Can now owns 4,771 shares of the oil and gas producer’s stock worth $217,000 after purchasing an additional 2,061 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of California Resources by 27.5% during the second quarter. Cubist Systematic Strategies LLC now owns 9,806 shares of the oil and gas producer’s stock worth $446,000 after purchasing an additional 2,114 shares in the last quarter. Swiss National Bank lifted its position in shares of California Resources by 4.7% during the second quarter. Swiss National Bank now owns 70,989 shares of the oil and gas producer’s stock worth $3,226,000 after purchasing an additional 3,200 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in shares of California Resources by 5.9% during the second quarter. Rhumbline Advisers now owns 60,784 shares of the oil and gas producer’s stock worth $2,762,000 after purchasing an additional 3,401 shares in the last quarter. 72.26% of the stock is currently owned by institutional investors and hedge funds.
About California Resources
California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.
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