Goldman Sachs Group Downgrades California Resources (CRC) to Sell

Goldman Sachs Group downgraded shares of California Resources (NYSE:CRC) from a neutral rating to a sell rating in a research note published on Friday, Benzinga reports. Goldman Sachs Group currently has $20.00 target price on the oil and gas producer’s stock, up from their prior target price of $19.00.

Several other equities analysts also recently weighed in on the stock. Mizuho assumed coverage on shares of California Resources in a report on Thursday, March 28th. They issued a buy rating and a $35.00 price target on the stock. ValuEngine upgraded shares of California Resources from a hold rating to a buy rating in a report on Wednesday, March 20th. Zacks Investment Research upgraded shares of California Resources from a strong sell rating to a hold rating in a report on Wednesday, March 6th. Finally, Bank of America downgraded shares of California Resources from a buy rating to a neutral rating and set a $36.00 price target on the stock. in a report on Friday, January 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $39.83.

Shares of California Resources stock opened at $27.56 on Friday. The company has a market capitalization of $1.35 billion, a P/E ratio of 21.70 and a beta of 4.76. California Resources has a 52 week low of $13.48 and a 52 week high of $50.34.



California Resources (NYSE:CRC) last announced its quarterly earnings data on Wednesday, February 27th. The oil and gas producer reported $0.53 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.50. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $658.79 million. California Resources had a net margin of 10.70% and a negative return on equity of 11.34%. California Resources’s revenue was up 136.9% on a year-over-year basis. During the same period last year, the firm posted ($0.33) EPS. As a group, research analysts anticipate that California Resources will post 0.35 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of CRC. JPMorgan Chase & Co. grew its stake in shares of California Resources by 933.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,031,585 shares of the oil and gas producer’s stock worth $50,063,000 after purchasing an additional 931,777 shares during the period. Rehmann Capital Advisory Group grew its stake in shares of California Resources by 8,366,471.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 585,660 shares of the oil and gas producer’s stock worth $12,068,000 after purchasing an additional 585,653 shares during the period. Vanguard Group Inc. grew its stake in shares of California Resources by 11.1% during the 3rd quarter. Vanguard Group Inc. now owns 3,803,159 shares of the oil and gas producer’s stock worth $184,568,000 after purchasing an additional 381,230 shares during the period. Vanguard Group Inc grew its stake in shares of California Resources by 11.1% during the 3rd quarter. Vanguard Group Inc now owns 3,803,159 shares of the oil and gas producer’s stock worth $184,568,000 after purchasing an additional 381,230 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of California Resources by 161.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 512,765 shares of the oil and gas producer’s stock worth $24,883,000 after purchasing an additional 316,292 shares during the period. 74.73% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for California Resources (NYSE:CRC)

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