California Resources (CRC) Upgraded at Goldman Sachs Group

Goldman Sachs Group upgraded shares of California Resources (NYSE:CRC) from a sell rating to a neutral rating in a research note released on Thursday, MarketBeat reports. Goldman Sachs Group currently has $27.50 price target on the oil and gas producer’s stock.

A number of other equities research analysts have also recently commented on the company. Zacks Investment Research cut California Resources from a buy rating to a hold rating in a research note on Monday, January 29th. Bank of America upgraded California Resources from a neutral rating to a buy rating in a research note on Tuesday, January 16th. Societe Generale cut California Resources from a buy rating to a hold rating in a research note on Thursday, January 4th. Imperial Capital increased their price target 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. Finally, Morgan Stanley upgraded California Resources from an equal weight rating to an overweight rating and set a $12.00 price target for the company in a research note on Tuesday, November 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. California Resources presently has an average rating of Hold and a consensus price target of $21.50.

Shares of California Resources (NYSE CRC) opened at $20.64 on Thursday. The company has a debt-to-equity ratio of -8.78, a current ratio of 0.61 and a quick ratio of 0.53. California Resources has a 12 month low of $6.47 and a 12 month high of $25.06.

Several large investors have recently made changes to their positions in CRC. Bank of New York Mellon Corp raised its stake in shares of California Resources by 5.0% in the second quarter. Bank of New York Mellon Corp now owns 241,135 shares of the oil and gas producer’s stock worth $2,062,000 after purchasing an additional 11,446 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of California Resources by 623.2% in the second quarter. JPMorgan Chase & Co. now owns 38,168 shares of the oil and gas producer’s stock worth $327,000 after purchasing an additional 32,890 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of California Resources by 67.1% in the second quarter. Alliancebernstein L.P. now owns 98,637 shares of the oil and gas producer’s stock worth $843,000 after purchasing an additional 39,599 shares during the last quarter. Teachers Advisors LLC raised its stake in shares of California Resources by 44.5% in the second quarter. Teachers Advisors LLC now owns 92,529 shares of the oil and gas producer’s stock worth $791,000 after purchasing an additional 28,485 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its stake in shares of California Resources by 32.1% in the second quarter. TIAA CREF Investment Management LLC now owns 115,969 shares of the oil and gas producer’s stock worth $992,000 after purchasing an additional 28,162 shares during the last quarter. Hedge funds and other institutional investors own 74.41% of the company’s stock.

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About California Resources

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).

Analyst Recommendations for California Resources (NYSE:CRC)

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