California Resources (NYSE:CRC) Stock Rating Upgraded by Zacks Research

California Resources (NYSE:CRC) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

Other equities analysts also recently issued reports about the company. TD Cowen raised California Resources to a “strong-buy” rating in a research report on Monday, February 9th. Barclays set a $65.00 price target on California Resources and gave the company an “overweight” rating in a research note on Wednesday, January 21st. Pickering Energy Partners cut California Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Mizuho upped their target price on California Resources from $71.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of California Resources in a report on Wednesday, January 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, California Resources presently has an average rating of “Moderate Buy” and an average target price of $63.90.

California Resources Stock Down 0.2%

NYSE:CRC opened at $59.27 on Thursday. The company has a market cap of $4.96 billion, a PE ratio of 13.78 and a beta of 1.15. California Resources has a twelve month low of $30.97 and a twelve month high of $60.03. The company has a current ratio of 0.89, a quick ratio of 0.78 and a debt-to-equity ratio of 0.26. The company’s 50 day moving average is $49.53 and its two-hundred day moving average is $49.48.

Hedge Funds Weigh In On California Resources

Several institutional investors have recently made changes to their positions in the company. Clearstead Advisors LLC boosted its holdings in California Resources by 82.5% during the third quarter. Clearstead Advisors LLC now owns 500 shares of the oil and gas producer’s stock worth $27,000 after buying an additional 226 shares in the last quarter. Salomon & Ludwin LLC acquired a new position in shares of California Resources in the third quarter worth about $29,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of California Resources during the 4th quarter worth about $26,000. Pinnacle Holdings LLC purchased a new stake in shares of California Resources during the 4th quarter worth about $27,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of California Resources during the 3rd quarter valued at about $36,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.