California Resources (CRC) Rating Lowered to Sell at Zacks Investment Research

California Resources (NYSE:CRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.

According to Zacks, “California Resources Corporation is engaged in exploration and production of oil and gas. The Company produces, gathers, processes and markets crude oil, natural gas, natural gas liquids and electricity primarily in the State of California. California Resources Corporation is based in Los Angeles, California. “

CRC has been the subject of several 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 report on Wednesday, October 18th. Imperial Capital began coverage on shares of California Resources in a research report on Tuesday, October 3rd. They issued an “in-line” rating and a $12.00 price target for the company. ValuEngine downgraded shares of California Resources from a “sell” rating to a “strong sell” rating in a research report on Friday, October 6th. Bank of America upgraded shares of California Resources from an “underperform” rating to a “neutral” rating and set a $24.00 price target for the company in a research report on Thursday, January 4th. Finally, Societe Generale upgraded shares of California Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, November 7th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $17.75.

Shares of California Resources (CRC) traded down $0.17 during trading hours on Tuesday, reaching $20.69. 1,345,300 shares of the company were exchanged, compared to its average volume of 1,591,057. The company has a market capitalization of $886.94, a PE ratio of -4.14 and a beta of 6.63. California Resources has a 1 year low of $6.47 and a 1 year high of $23.42. The company has a quick ratio of 0.53, a current ratio of 0.61 and a debt-to-equity ratio of -8.78.

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

Several large investors have recently modified their holdings of the stock. GSA Capital Partners LLP purchased a new stake in shares of California Resources in the 3rd quarter valued at approximately $770,000. California Public Employees Retirement System lifted its position in California Resources by 7.6% in the 3rd quarter. California Public Employees Retirement System now owns 335,911 shares of the oil and gas producer’s stock worth $3,514,000 after buying an additional 23,605 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in California Resources in the 3rd quarter worth approximately $164,000. Janus Henderson Group PLC lifted its position in California Resources by 8.8% in the 3rd quarter. Janus Henderson Group PLC now owns 817,248 shares of the oil and gas producer’s stock worth $8,548,000 after buying an additional 66,280 shares in the last quarter. Finally, Restructuring Capital Associates LP lifted its position in California Resources by 39.5% in the 3rd quarter. Restructuring Capital Associates LP now owns 1,730,838 shares of the oil and gas producer’s stock worth $18,105,000 after buying an additional 490,408 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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