California Resources Corporation (NYSE:CRC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday. The brokerage currently has a $12.00 price target on the oil and gas producer’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 13.74% from the stock’s previous close.

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. “

A number of other equities analysts also recently issued reports on CRC. Morgan Stanley upped their price target on California Resources Corporation from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Wednesday. ValuEngine raised California Resources Corporation from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 26th. Imperial Capital began coverage on California Resources Corporation in a research report on Tuesday, October 3rd. They set an “in-line” rating and a $12.00 price target on the stock. BidaskClub downgraded California Resources Corporation from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 8th. Finally, Bank of America Corporation downgraded California Resources Corporation from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $22.00 to $10.00 in a research report on Friday, June 30th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the company. California Resources Corporation currently has a consensus rating of “Hold” and an average price target of $11.50.

Shares of California Resources Corporation (CRC) opened at 10.55 on Wednesday. California Resources Corporation has a 52 week low of $6.47 and a 52 week high of $23.42. The stock has a market capitalization of $451.24 million, a P/E ratio of 0.95 and a beta of 6.35. The firm’s 50-day moving average price is $9.61 and its 200 day moving average price is $9.94.

California Resources Corporation (NYSE:CRC) last issued its quarterly earnings data on Thursday, August 3rd. The oil and gas producer reported ($1.83) EPS for the quarter, missing analysts’ consensus estimates of ($1.63) by ($0.20). The company had revenue of $516.00 million for the quarter, compared to the consensus estimate of $450.17 million. The firm’s quarterly revenue was up 62.8% compared to the same quarter last year. During the same period last year, the business earned ($1.80) earnings per share. Analysts expect that California Resources Corporation will post ($5.76) earnings per share for the current year.

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Several hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio acquired a new position in shares of California Resources Corporation during the second quarter worth $281,000. Koch Industries Inc. increased its position in shares of California Resources Corporation by 1,014.6% during the second quarter. Koch Industries Inc. now owns 148,225 shares of the oil and gas producer’s stock worth $133,000 after purchasing an additional 134,927 shares in the last quarter. California State Teachers Retirement System increased its position in shares of California Resources Corporation by 21.0% during the second quarter. California State Teachers Retirement System now owns 75,584 shares of the oil and gas producer’s stock worth $646,000 after purchasing an additional 13,100 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of California Resources Corporation by 5.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 13,620 shares of the oil and gas producer’s stock worth $116,000 after purchasing an additional 743 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of California Resources Corporation by 32.3% during the second quarter. The Manufacturers Life Insurance Company now owns 35,303 shares of the oil and gas producer’s stock worth $303,000 after purchasing an additional 8,609 shares in the last quarter. 74.80% of the stock is currently owned by institutional investors and hedge funds.

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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