California Resources Corp. (NYSE:CRC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.
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. “
California Resources Corp. (NYSE:CRC) opened at 11.52 on Monday. The company’s market capitalization is $473.47 million. California Resources Corp. has a 12-month low of $2.81 and a 12-month high of $51.50. The firm’s 50-day moving average price is $11.02 and its 200 day moving average price is $13.50.
California Resources Corp. (NYSE:CRC) last announced its quarterly earnings results on Thursday, August 4th. The company reported ($1.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.49) by $0.31. California Resources Corp. had a negative net margin of 195.30% and a negative return on equity of 42.69%. The firm earned $317 million during the quarter, compared to analyst estimates of $437.47 million. California Resources Corp.’s revenue for the quarter was down 50.4% on a year-over-year basis. On average, equities research analysts expect that California Resources Corp. will post ($6.72) EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in CRC. Bessemer Group Inc. raised its position in shares of California Resources Corp. by 9,734.9% in the first quarter. Bessemer Group Inc. now owns 99,332 shares of the company’s stock valued at $102,000 after buying an additional 98,322 shares during the period. Franklin Resources Inc. raised its position in shares of California Resources Corp. by 509.5% in the first quarter. Franklin Resources Inc. now owns 104,065 shares of the company’s stock valued at $107,000 after buying an additional 86,991 shares during the period. Fort Washington Investment Advisors Inc OH purchased a new position in shares of California Resources Corp. during the second quarter valued at about $127,000. Societe Generale purchased a new position in shares of California Resources Corp. during the second quarter valued at about $156,000. Finally, Virginia Retirement Systems ET AL purchased a new position in shares of California Resources Corp. during the second quarter valued at about $166,000. 66.02% of the stock is owned by institutional investors.
California Resources Corp. 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 produces approximately 160 thousand barrels of oil equivalent per day (MBoe/d). It has net proved reserves of over 640 million barrels of oil equivalent (MMBoe).
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