Zacks Investment Research upgraded shares of California Resources Corporation (NYSE:CRC) from a sell rating to a hold rating in a research report report published on Tuesday, August 8th.
According to Zacks, “California Resources Corporation is engaged in exploration and production of oil and gas. The Company produces, gathers, processes and markets crude oil, natural gas, natural gas liquids and electricity primarily in the State of California. California Resources Corporation is based in Los Angeles, California. “
Several other research analysts also recently commented on CRC. Bank of America Corporation downgraded California Resources Corporation from a neutral rating to an underperform rating and lowered their target price for the stock from $22.00 to $10.00 in a research note on Friday, June 30th. BidaskClub downgraded California Resources Corporation from a sell rating to a strong sell rating in a research note on Saturday, July 8th.
California Resources Corporation (NYSE:CRC) last issued its earnings results on Thursday, August 3rd. The oil and gas producer reported ($1.83) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.63) by $0.20. The business had revenue of $516 million during the quarter, compared to analysts’ expectations of $450.17 million. The company’s quarterly revenue was up 62.8% on a year-over-year basis. During the same period last year, the firm posted ($1.80) earnings per share. On average, equities research analysts expect that California Resources Corporation will post ($5.77) earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Guggenheim Capital LLC increased its position in California Resources Corporation by 44.4% in the fourth quarter. Guggenheim Capital LLC now owns 45,142 shares of the oil and gas producer’s stock valued at $961,000 after buying an additional 13,887 shares in the last quarter. Norges Bank purchased a new position in California Resources Corporation during the fourth quarter valued at about $2,434,000. UBS Asset Management Americas Inc. increased its position in California Resources Corporation by 4.9% in the fourth quarter. UBS Asset Management Americas Inc. now owns 226,084 shares of the oil and gas producer’s stock valued at $4,813,000 after buying an additional 10,527 shares in the last quarter. Teachers Advisors LLC increased its position in California Resources Corporation by 11.8% in the fourth quarter. Teachers Advisors LLC now owns 62,264 shares of the oil and gas producer’s stock valued at $1,326,000 after buying an additional 6,550 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in California Resources Corporation during the first quarter valued at about $427,000. 70.89% 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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