California Resources (NYSE:CRC) was upgraded by analysts at Bank of America from an “underperform” rating to a “neutral” rating in a report issued on Thursday, January 4th, Marketbeat.com reports. The firm presently has a $24.00 target price on the oil and gas producer’s stock. Bank of America’s target price points to a potential upside of 11.63% from the company’s current price.

CRC has been the topic of a number of other research reports. Morgan Stanley upped their price target on shares of California Resources from $11.00 to $12.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 18th. Zacks Investment Research upgraded shares of California Resources from a “hold” rating to a “strong-buy” rating and set a $12.00 price objective on the stock in a research note on Wednesday, October 18th. Imperial Capital started coverage on shares of California Resources in a research note on Tuesday, October 3rd. They issued an “in-line” rating and a $12.00 price objective on the stock. ValuEngine lowered shares of California Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, October 6th. Finally, Societe Generale upgraded shares of California Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $20.00.

California Resources (NYSE CRC) traded down $1.65 during trading hours on Thursday, reaching $21.50. 726,696 shares of the company were exchanged, compared to its average volume of 1,460,609. California Resources has a 12 month low of $6.47 and a 12 month high of $25.06. 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 $1,044.69, a PE ratio of -4.52 and a beta of 6.53.

California Resources (NYSE:CRC) last posted its earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) EPS for the quarter, beating the Zacks’ consensus estimate of ($1.61) by $0.39. The firm had revenue of $455.00 million for the quarter, compared to analysts’ expectations of $476.87 million. During the same period in the previous year, the company earned ($1.75) EPS. The company’s revenue was down .2% on a year-over-year basis. equities analysts anticipate that California Resources will post -4.68 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in CRC. Raymond James Financial Services Advisors Inc. raised its stake in California Resources by 5.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock worth $116,000 after purchasing an additional 743 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of California Resources during the third quarter valued at about $117,000. Koch Industries Inc. increased its position in shares of California Resources by 1,014.6% during the second quarter. Koch Industries Inc. now owns 148,225 shares of the oil and gas producer’s stock valued at $133,000 after acquiring an additional 134,927 shares during the last quarter. Bayesian Capital Management LP acquired a new stake in shares of California Resources during the second quarter valued at about $141,000. Finally, BlueCrest Capital Management Ltd increased its position in shares of California Resources by 17.5% during the second quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock valued at $144,000 after acquiring an additional 2,509 shares during the last quarter. Institutional investors own 74.85% 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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