California Resources (NYSE:CRC) was downgraded by equities research analysts at Societe Generale from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
Other equities research analysts have also recently issued reports about the company. Zacks Investment Research raised California Resources from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a report on Thursday, November 9th. Morgan Stanley boosted their price objective on California Resources from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 18th. Imperial Capital began coverage on California Resources in a research note on Tuesday, October 3rd. They set an “in-line” rating and a $12.00 price objective on the stock. Bank of America raised California Resources from an “underperform” rating to a “neutral” rating and set a $24.00 price objective on the stock in a research note on Thursday. Finally, ValuEngine raised California Resources from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $17.75.
Shares of California Resources (NYSE:CRC) opened at $20.37 on Thursday. California Resources has a twelve month low of $6.47 and a twelve month high of $23.42. The company has a debt-to-equity ratio of -8.78, a current ratio of 0.61 and a quick ratio of 0.53. The stock has a market capitalization of $873.22, a PE ratio of -4.07 and a beta of 6.63.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. GSA Capital Partners LLP bought a new stake in California Resources during the third quarter worth approximately $770,000. California Public Employees Retirement System increased its stake in California Resources by 7.6% during the third quarter. California Public Employees Retirement System now owns 335,911 shares of the oil and gas producer’s stock worth $3,514,000 after acquiring an additional 23,605 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of California Resources during the third quarter valued at approximately $164,000. Janus Henderson Group PLC grew its stake in shares of California Resources by 8.8% during the third quarter. Janus Henderson Group PLC now owns 817,248 shares of the oil and gas producer’s stock valued at $8,548,000 after buying an additional 66,280 shares during the last quarter. Finally, Restructuring Capital Associates LP grew its stake in shares of California Resources by 39.5% during the third quarter. Restructuring Capital Associates LP now owns 1,730,838 shares of the oil and gas producer’s stock valued at $18,105,000 after buying an additional 490,408 shares during the last quarter. 75.22% of the stock is currently owned by institutional investors.
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California Resources 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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