California Resources (CRC) Lifted to “Hold” at ValuEngine

ValuEngine upgraded shares of California Resources (NYSE:CRC) from a sell rating to a hold rating in a research report released on Friday.

Other equities research analysts have also issued research reports about the company. Societe Generale raised California Resources from a hold rating to a buy rating and lifted their price objective for the company from $17.91 to $25.00 in a report on Friday, February 9th. Bank of America raised California Resources from a neutral rating to a buy rating in a research note on Tuesday, January 16th. Zacks Investment Research raised California Resources from a sell rating to a hold rating in a research note on Tuesday, March 13th. Goldman Sachs raised California Resources from a sell rating to a neutral rating and set a $27.50 price target on the stock in a research note on Thursday, February 1st. Finally, Imperial Capital raised California Resources from an in-line rating to an outperform rating and set a $26.00 price target on the stock in a research note on Monday, February 12th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. California Resources has an average rating of Hold and a consensus price target of $23.42.

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Shares of CRC opened at $17.96 on Friday. California Resources has a twelve month low of $6.47 and a twelve month high of $25.06. The company has a market capitalization of $770.52, a price-to-earnings ratio of -4.08 and a beta of 5.86. The company has a debt-to-equity ratio of -7.37, a quick ratio of 0.58 and a current ratio of 0.66.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Monday, February 26th. The oil and gas producer reported ($0.33) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.54) by $0.21. The business had revenue of $455.00 million during the quarter, compared to analysts’ expectations of $540.57 million. During the same period in the prior year, the firm posted ($1.76) EPS. California Resources’s revenue for the quarter was up .7% compared to the same quarter last year. analysts expect that California Resources will post -2.8 EPS for the current year.

In other news, Director Harry T. Mcmahon purchased 35,530 shares of the firm’s stock in a transaction dated Thursday, March 1st. The shares were acquired at an average price of $14.18 per share, with a total value of $503,815.40. Following the purchase, the director now directly owns 48,773 shares of the company’s stock, valued at $691,601.14. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.91% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in CRC. Mackenzie Financial Corp lifted its stake in California Resources by 4.0% in the 4th quarter. Mackenzie Financial Corp now owns 1,812,300 shares of the oil and gas producer’s stock valued at $35,231,000 after buying an additional 70,300 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in California Resources in the 4th quarter valued at approximately $909,000. Elephas Investment Management Ltd purchased a new stake in California Resources in the 4th quarter valued at approximately $26,082,000. Masters Capital Management LLC purchased a new stake in California Resources in the 4th quarter valued at approximately $19,440,000. Finally, SG Americas Securities LLC purchased a new stake in California Resources in the 3rd quarter valued at approximately $294,000. 73.90% of the stock is currently owned by institutional investors and hedge funds.

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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).

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for California Resources (NYSE:CRC)

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