California Resources (NYSE:CRC) Upgraded by ValuEngine to “Hold”

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

Other research analysts also recently issued research reports about the stock. Bank of America upped their price target on shares of California Resources from $21.00 to $24.00 and gave the stock a neutral rating in a research report on Tuesday, July 23rd. Imperial Capital reduced their price target on shares of California Resources from $28.00 to $20.00 and set a positive rating for the company in a research report on Monday, August 5th. Finally, Zacks Investment Research upgraded shares of California Resources from a strong sell rating to a hold rating in a research report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $24.17.

Shares of California Resources stock traded down $0.37 during trading hours on Wednesday, reaching $8.70. The stock had a trading volume of 2,590,097 shares, compared to its average volume of 5,192,981. The stock’s 50 day moving average is $10.44 and its 200 day moving average is $17.49. The firm has a market capitalization of $444.47 million, a PE ratio of 6.85 and a beta of 4.48. California Resources has a twelve month low of $8.28 and a twelve month high of $48.37.

California Resources (NYSE:CRC) last issued its quarterly earnings data on Thursday, August 1st. The oil and gas producer reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $653.00 million during the quarter, compared to analyst estimates of $674.43 million. During the same quarter last year, the company posted ($0.29) EPS. The company’s revenue was up 18.9% on a year-over-year basis. On average, analysts forecast that California Resources will post 0.43 EPS for the current year.

In other California Resources news, CEO Todd A. Stevens acquired 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was bought at an average price of $10.20 per share, with a total value of $51,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Avedick Baruyr Poladian acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average cost of $9.03 per share, with a total value of $90,300.00. Following the purchase, the director now owns 48,439 shares in the company, valued at approximately $437,404.17. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 17,980 shares of company stock valued at $171,365. Insiders own 3.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Voloridge Investment Management LLC purchased a new stake in California Resources during the 2nd quarter valued at about $2,391,000. Nuveen Asset Management LLC purchased a new stake in California Resources during the 2nd quarter valued at about $5,581,000. Point72 Hong Kong Ltd grew its stake in California Resources by 232.9% during 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 acquiring an additional 4,718 shares in the last quarter. Cubist Systematic Strategies LLC grew its stake in California Resources by 1,590.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 141,705 shares of the oil and gas producer’s stock valued at $2,789,000 after acquiring an additional 133,320 shares in the last quarter. Finally, Balyasny Asset Management LLC purchased a new stake in California Resources during the 2nd quarter valued at about $823,000. 61.12% of the stock is owned by institutional investors.

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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