Zacks Investment Research upgraded shares of California Resources Corporation (NYSE:CRC) from a hold rating to a buy rating in a report issued on Thursday. Zacks Investment Research currently has $17.00 price target on the oil and gas producer’s stock.

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. “

CRC has been the subject of several other reports. Morgan Stanley increased their price target on shares of California Resources Corporation from $11.00 to $12.00 and gave the stock an equal weight rating in a research note on Wednesday, October 18th. Imperial Capital started coverage on shares of California Resources Corporation in a research note on Tuesday, October 3rd. They issued an in-line rating and a $12.00 price target for the company. ValuEngine lowered shares of California Resources Corporation from a sell rating to a strong sell rating in a research note on Friday, October 6th. Finally, Societe Generale upgraded shares of California Resources Corporation from a hold rating to a buy rating in a research note on Tuesday, November 7th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The stock has an average rating of Hold and an average price target of $14.25.

Shares of California Resources Corporation (NYSE CRC) traded down $0.13 during trading on Thursday, hitting $16.26. 1,870,800 shares of the company traded hands, compared to its average volume of 1,949,641. The company has a debt-to-equity ratio of -8.78, a current ratio of 0.61 and a quick ratio of 0.54. California Resources Corporation has a 52 week low of $6.47 and a 52 week high of $23.42.

California Resources Corporation (NYSE:CRC) last issued its quarterly earnings results on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.61) by $0.39. The business had revenue of $455.00 million during the quarter, compared to the consensus estimate of $476.87 million. The firm’s revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.75) earnings per share. equities research analysts expect that California Resources Corporation will post -4.72 earnings per share for the current fiscal year.

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Large investors have recently added to or reduced their stakes in the business. Adams Asset Advisors LLC bought a new stake in California Resources Corporation during the 3rd quarter valued at about $2,060,000. Commerzbank Aktiengesellschaft FI increased its stake in California Resources Corporation by 8.7% during the 2nd 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 in the last quarter. Janus Henderson Group PLC increased its stake in California Resources Corporation by 7.6% during the 2nd quarter. Janus Henderson Group PLC now owns 750,968 shares of the oil and gas producer’s stock valued at $6,421,000 after purchasing an additional 52,748 shares in the last quarter. State Street Corp increased its stake in 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 purchasing an additional 156,817 shares in the last quarter. Finally, GRT Capital Partners L.L.C. increased its stake in 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 purchasing an additional 48,541 shares in the last quarter. Institutional investors and hedge funds own 74.15% of the company’s stock.

About California Resources Corporation

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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