California Resources Corp (NYSE:CRC) has earned a consensus recommendation of “Hold” from the nine research firms that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $35.20.
CRC has been the subject of several research reports. Goldman Sachs Group lowered shares of California Resources from a “neutral” rating to a “sell” rating and lifted their price target for the company from $19.00 to $20.00 in a report on Friday, April 12th. Mizuho initiated coverage on shares of California Resources in a research report on Thursday, March 28th. They issued a “buy” rating and a $35.00 price objective on the stock. Zacks Investment Research downgraded shares of California Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. ValuEngine downgraded shares of California Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Finally, Raymond James upgraded shares of California Resources from a “market perform” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research report on Monday, May 13th. They noted that the move was a valuation call.
In other California Resources news, Director William E. Albrecht sold 10,000 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $20.00, for a total transaction of $200,000.00. Following the sale, the director now directly owns 110,788 shares in the company, valued at approximately $2,215,760. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Laurie Siegel purchased 3,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were bought at an average price of $16.78 per share, for a total transaction of $50,340.00. Following the completion of the transaction, the director now directly owns 15,196 shares in the company, valued at approximately $254,988.88. The disclosure for this purchase can be found here. Company insiders own 3.50% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in CRC. Norges Bank bought a new stake in shares of California Resources during the 4th quarter worth about $5,203,000. Dimensional Fund Advisors LP raised its position in shares of California Resources by 57.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 807,671 shares of the oil and gas producer’s stock worth $13,763,000 after buying an additional 294,906 shares in the last quarter. Elephas Investment Management Ltd bought a new stake in shares of California Resources during the 4th quarter worth about $4,421,000. Pensionmark Financial Group LLC bought a new stake in shares of California Resources during the 4th quarter worth about $2,661,000. Finally, BlackRock Inc. raised its position in shares of California Resources by 4.1% during the 4th quarter. BlackRock Inc. now owns 3,263,108 shares of the oil and gas producer’s stock worth $55,602,000 after buying an additional 127,025 shares in the last quarter. Institutional investors own 62.80% of the company’s stock.
Shares of NYSE CRC traded down $0.34 during midday trading on Thursday, hitting $19.66. The company’s stock had a trading volume of 820,929 shares, compared to its average volume of 2,163,867. California Resources has a 1-year low of $13.48 and a 1-year high of $50.34. The business has a fifty day simple moving average of $18.28. The firm has a market cap of $927.69 million, a price-to-earnings ratio of 15.48 and a beta of 4.49.
California Resources (NYSE:CRC) last posted its quarterly earnings results on Thursday, May 2nd. The oil and gas producer reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.94. California Resources had a net margin of 8.36% and a negative return on equity of 18.81%. The business had revenue of $690.00 million during the quarter, compared to analyst estimates of $635.00 million. During the same period in the previous year, the business posted $0.18 EPS. The company’s quarterly revenue was up 13.3% on a year-over-year basis. As a group, sell-side analysts forecast that California Resources will post 3.1 earnings per share for the current fiscal year.
California Resources Company Profile
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.
Featured Article: Overbought
Receive News & Ratings for California Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Resources and related companies with MarketBeat.com's FREE daily email newsletter.