California Resources Corp (NYSE:CRC) has been given an average rating of “Hold” by the ten analysts that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $30.67.
Several analysts recently issued reports on CRC shares. Bank of America increased their target price on California Resources from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. Zacks Investment Research upgraded California Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 31st. Raymond James upgraded California Resources from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a research report on Monday, May 13th. They noted that the move was a valuation call. Finally, Imperial Capital cut their target price on California Resources from $28.00 to $20.00 and set a “positive” rating for the company in a research report on Monday, August 5th.
NYSE:CRC opened at $9.47 on Tuesday. California Resources has a 12-month low of $8.28 and a 12-month high of $50.34. The stock has a 50-day moving average price of $11.42 and a 200 day moving average price of $19.03. The stock has a market capitalization of $464.03 million, a P/E ratio of 7.46 and a beta of 4.48.
California Resources (NYSE:CRC) last released its earnings results on Thursday, August 1st. The oil and gas producer reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.57). California Resources had a negative return on equity of 23.66% and a net margin of 10.99%. The business had revenue of $653.00 million for the quarter, compared to analysts’ expectations of $674.43 million. During the same quarter in the prior year, the business posted ($0.29) EPS. The business’s revenue for the quarter was up 18.9% compared to the same quarter last year. Research analysts predict that California Resources will post 0.71 EPS for the current year.
In other news, CEO Todd A. Stevens purchased 5,000 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was acquired at an average price of $10.20 per share, for a total transaction of $51,000.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Avedick Baruyr Poladian purchased 10,000 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were purchased at an average price of $9.03 per share, with a total value of $90,300.00. Following the acquisition, the director now directly owns 48,439 shares in the company, valued at $437,404.17. The disclosure for this purchase can be found here. Insiders have purchased 17,980 shares of company stock valued at $171,365 in the last quarter. 3.50% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRC. Hanson McClain Inc. grew its holdings in California Resources by 60.2% during the 2nd quarter. Hanson McClain Inc. now owns 4,544 shares of the oil and gas producer’s stock valued at $89,000 after buying an additional 1,708 shares in the last quarter. Point72 Hong Kong Ltd lifted its stake in shares of California Resources by 232.9% in the 2nd quarter. Point72 Hong Kong Ltd now owns 6,744 shares of the oil and gas producer’s stock valued at $133,000 after purchasing an additional 4,718 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in shares of California Resources by 375.0% in the 2nd quarter. State of Alaska Department of Revenue now owns 7,330 shares of the oil and gas producer’s stock valued at $144,000 after purchasing an additional 5,787 shares during the last quarter. Teza Capital Management LLC bought a new stake in shares of California Resources in the 1st quarter valued at approximately $202,000. Finally, BNP Paribas Arbitrage SA lifted its stake in shares of California Resources by 55,235.3% in the 1st quarter. BNP Paribas Arbitrage SA now owns 9,407 shares of the oil and gas producer’s stock valued at $242,000 after purchasing an additional 9,390 shares during the last quarter. Institutional investors and hedge funds own 57.73% of the company’s stock.
California Resources Company Profile
California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.
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