California Resources Corp (NYSE:CRC) Given Average Recommendation of “Hold” by Brokerages

California Resources Corp (NYSE:CRC) has earned an average rating of “Hold” from the nine brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $25.80.

CRC has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of California Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 31st. Imperial Capital lowered their target price on shares of California Resources from $28.00 to $20.00 and set a “positive” rating for the company in a report on Monday, August 5th. ValuEngine upgraded shares of California Resources from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, Bank of America boosted their target price on shares of California Resources from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd.

In other California Resources news, CEO Todd A. Stevens purchased 5,000 shares of California Resources stock in a transaction on Thursday, August 8th. The shares were purchased at an average cost of $10.20 per share, with a total value of $51,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William E. Albrecht sold 10,000 shares of California Resources stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $20.00, for a total transaction of $200,000.00. Following the transaction, the director now directly owns 102,883 shares in the company, valued at $2,057,660. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 17,980 shares of company stock worth $171,365. 3.50% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. Gabelli Funds LLC lifted its position in California Resources by 14.7% during the second quarter. Gabelli Funds LLC now owns 97,558 shares of the oil and gas producer’s stock valued at $1,920,000 after buying an additional 12,500 shares in the last quarter. First Trust Advisors LP lifted its position in shares of California Resources by 272.5% during the second quarter. First Trust Advisors LP now owns 154,698 shares of the oil and gas producer’s stock worth $3,044,000 after purchasing an additional 113,173 shares in the last quarter. Swiss National Bank lifted its position in shares of California Resources by 2.3% during the second quarter. Swiss National Bank now owns 85,989 shares of the oil and gas producer’s stock worth $1,692,000 after purchasing an additional 1,900 shares in the last quarter. Hanson McClain Inc. lifted its position in shares of California Resources by 60.2% during the second quarter. Hanson McClain Inc. now owns 4,544 shares of the oil and gas producer’s stock worth $89,000 after purchasing an additional 1,708 shares in the last quarter. Finally, Point72 Hong Kong Ltd lifted its position in shares of California Resources by 232.9% during the second quarter. Point72 Hong Kong Ltd now owns 6,744 shares of the oil and gas producer’s stock worth $133,000 after purchasing an additional 4,718 shares in the last quarter. 61.12% of the stock is currently owned by hedge funds and other institutional investors.

California Resources stock traded down $0.06 during trading on Friday, reaching $9.07. The company had a trading volume of 3,770,731 shares, compared to its average volume of 2,569,782. California Resources has a 12-month low of $8.28 and a 12-month high of $50.05. The stock’s 50 day moving average price is $10.45 and its two-hundred day moving average price is $17.56. The firm has a market capitalization of $428.75 million, a price-to-earnings ratio of 7.14 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 analysts’ consensus estimates of $0.28 by ($0.57). California Resources had a net margin of 10.99% and a negative return on equity of 23.66%. The company had revenue of $653.00 million during the quarter, compared to analysts’ expectations of $674.43 million. During the same quarter in the previous year, the firm posted ($0.29) earnings per share. California Resources’s revenue for the quarter was up 18.9% compared to the same quarter last year. Equities analysts expect that California Resources will post 0.43 earnings per share for the current year.

About California Resources

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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