Imperial Capital began coverage on shares of California Resources Corporation (NYSE:CRC) in a report released on Tuesday morning. The firm issued an in-line rating and a $12.00 target price on the oil and gas producer’s stock.

CRC has been the topic of several other research reports. Bank of America Corporation downgraded California Resources Corporation from a neutral rating to an underperform rating and dropped their price objective for the company from $22.00 to $10.00 in a research note on Friday, June 30th. Zacks Investment Research downgraded California Resources Corporation from a hold rating to a sell rating in a research report on Thursday, July 13th. Morgan Stanley reissued an equal weight rating on shares of California Resources Corporation in a research report on Saturday, September 16th. BidaskClub lowered California Resources Corporation from a sell rating to a strong sell rating in a research note on Saturday, July 8th. Finally, ValuEngine upgraded California Resources Corporation from a strong sell rating to a sell rating in a research note on Tuesday, September 26th. Three investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The stock presently has an average rating of Hold and a consensus target price of $14.33.

California Resources Corporation (NYSE:CRC) traded down 2.20% on Tuesday, reaching $10.65. The company’s stock had a trading volume of 592,749 shares. The firm has a 50 day moving average of $8.40 and a 200 day moving average of $10.18. The firm has a market cap of $455.52 million, a price-to-earnings ratio of 0.96 and a beta of 6.35. California Resources Corporation has a 12 month low of $6.47 and a 12 month high of $23.42.

California Resources Corporation (NYSE:CRC) last issued its quarterly earnings results on Thursday, August 3rd. The oil and gas producer reported ($1.83) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.63) by ($0.20). The firm had revenue of $516.00 million for the quarter, compared to the consensus estimate of $450.17 million. The firm’s revenue was up 62.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.80) EPS. Analysts anticipate that California Resources Corporation will post ($5.80) earnings per share for the current year.

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Several institutional investors and hedge funds have recently bought and sold shares of the company. Commerzbank Aktiengesellschaft FI raised its position in shares of California Resources Corporation by 8.7% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 215,807 shares of the oil and gas producer’s stock valued at $1,845,000 after purchasing an additional 17,333 shares during the period. Swiss National Bank lifted its stake in shares of California Resources Corporation by 8.1% during the 1st quarter. Swiss National Bank now owns 67,789 shares of the oil and gas producer’s stock valued at $1,020,000 after buying an additional 5,100 shares in the last quarter. State Street Corp lifted its stake in shares of California Resources Corporation by 5.7% during the 1st quarter. State Street Corp now owns 2,915,345 shares of the oil and gas producer’s stock valued at $43,849,000 after buying an additional 156,817 shares in the last quarter. GRT Capital Partners L.L.C. lifted its stake in shares of California Resources Corporation by 9.0% during the 2nd quarter. GRT Capital Partners L.L.C. now owns 586,996 shares of the oil and gas producer’s stock valued at $5,019,000 after buying an additional 48,541 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of California Resources Corporation by 12.6% during the 1st quarter. Ameriprise Financial Inc. now owns 12,152 shares of the oil and gas producer’s stock valued at $182,000 after buying an additional 1,356 shares in the last quarter. Hedge funds and other institutional investors own 74.80% of the company’s stock.

California Resources Corporation 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 produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).

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