California Resources (CRC) Sets New 12-Month High at $23.55

Shares of California Resources Corp (NYSE:CRC) reached a new 52-week high during trading on Wednesday . The company traded as high as $23.55 and last traded at $22.01, with a volume of 1871900 shares changing hands. The stock had previously closed at $21.94.

A number of analysts recently commented on the company. 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 report on Tuesday, November 7th. ValuEngine upgraded California Resources from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 26th. Societe Generale cut California Resources from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Bank of America upgraded California Resources from a “neutral” rating to a “buy” rating in a research report on Tuesday. Finally, Zacks Investment Research upgraded California Resources from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research report on Thursday, November 9th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. California Resources currently has an average rating of “Hold” and a consensus target price of $17.75.

The company has a quick ratio of 0.53, a current ratio of 0.61 and a debt-to-equity ratio of -8.78. The stock has a market capitalization of $1,010.00, a PE ratio of -4.73 and a beta of 6.63.

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

Institutional investors and hedge funds have recently modified their holdings of the business. Adams Asset Advisors LLC purchased a new stake in California Resources in the third quarter worth about $2,060,000. Janus Henderson Group PLC increased its position in California Resources by 7.6% in the second quarter. Janus Henderson Group PLC now owns 750,968 shares of the oil and gas producer’s stock worth $6,421,000 after buying an additional 52,748 shares in the last quarter. State Street Corp increased its position in California Resources by 23.1% in the second quarter. State Street Corp now owns 3,588,170 shares of the oil and gas producer’s stock worth $30,673,000 after buying an additional 672,825 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in California Resources in the second quarter worth about $1,285,000. Finally, Vanguard Group Inc. increased its position in California Resources by 4.8% in the second quarter. Vanguard Group Inc. now owns 1,848,193 shares of the oil and gas producer’s stock worth $15,803,000 after buying an additional 84,072 shares in the last quarter. Institutional investors and hedge funds 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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