California Resources (CRC) Upgraded at Bank of America

Bank of America upgraded shares of California Resources (NYSE:CRC) from an underperform rating to a neutral rating in a research note issued to investors on Thursday morning, MarketBeat.com reports. Bank of America currently has $24.00 price objective on the oil and gas producer’s stock.

A number of other research firms have also issued reports on CRC. Societe Generale upgraded California Resources from a hold rating to a buy rating in a research note on Tuesday, November 7th. Imperial Capital increased their target price on California Resources from $12.00 to $18.00 and gave the company an in-line rating in a research note on Wednesday, November 8th. Zacks Investment Research upgraded California Resources from a hold rating to a strong-buy rating and set a $12.00 target price for the company in a research note on Wednesday, October 18th. ValuEngine lowered California Resources from a sell rating to a strong sell rating in a research note on Friday, October 6th. Finally, Morgan Stanley upgraded California Resources from an equal weight rating to an overweight rating and set a $12.00 price objective for the company in a research note on Tuesday, November 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $17.75.

California Resources (NYSE:CRC) traded down $0.30 during mid-day trading on Thursday, hitting $20.79. The stock had a trading volume of 1,845,600 shares, compared to its average volume of 1,892,125. The company has a current ratio of 0.61, a quick ratio of 0.53 and a debt-to-equity ratio of -8.78. California Resources has a fifty-two week low of $6.47 and a fifty-two week high of $23.42. The firm has a market capitalization of $877.94, a price-to-earnings ratio of -4.16 and a beta of 6.63.

California Resources (NYSE:CRC) last posted its earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.61) by $0.39. The company had revenue of $455.00 million during the quarter, compared to analyst estimates of $476.87 million. During the same quarter last year, the business posted ($1.75) EPS. California Resources’s quarterly revenue was down .2% compared to the same quarter last year. research analysts expect that California Resources will post -4.65 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Raymond James Financial Services Advisors Inc. grew its stake in California Resources by 5.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock valued at $116,000 after purchasing an additional 743 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in California Resources during the 3rd quarter valued at approximately $117,000. Koch Industries Inc. grew its stake in California Resources by 1,014.6% during the 2nd quarter. Koch Industries Inc. now owns 148,225 shares of the oil and gas producer’s stock valued at $133,000 after purchasing an additional 134,927 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in California Resources during the 2nd quarter valued at approximately $141,000. Finally, BlueCrest Capital Management Ltd grew its stake in California Resources by 17.5% during the 2nd quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock valued at $144,000 after purchasing an additional 2,509 shares in the last quarter. Hedge funds and other institutional investors own 75.22% of the company’s stock.

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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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