Shares of California Resources Corp (NYSE:CRC) rose 0.1% during trading on Tuesday . The stock traded as high as $46.81 and last traded at $47.09. Approximately 89,952 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 1,570,078 shares. The stock had previously closed at $47.15.

CRC has been the topic of several research analyst reports. ValuEngine raised California Resources from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 19th. Zacks Investment Research lowered California Resources from a “hold” rating to a “sell” rating in a report on Tuesday, September 18th. Finally, Evercore ISI initiated coverage on California Resources in a report on Friday. They issued an “outperform” rating and a $55.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $34.64.

The company has a debt-to-equity ratio of -7.87, a current ratio of 0.63 and a quick ratio of 0.56. The company has a market capitalization of $1.91 billion, a PE ratio of -10.74 and a beta of 5.58.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Thursday, August 2nd. The oil and gas producer reported ($0.29) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.34). The firm had revenue of $549.00 million during the quarter, compared to analysts’ expectations of $649.01 million. California Resources’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.83) earnings per share. research analysts predict that California Resources Corp will post -0.35 EPS for the current fiscal year.

Large investors have recently modified their holdings of the company. Graham Capital Management L.P. acquired a new position in California Resources during the first quarter worth $5,092,000. BlackRock Inc. boosted its stake in California Resources by 5.5% during the second quarter. BlackRock Inc. now owns 3,033,329 shares of the oil and gas producer’s stock worth $137,835,000 after buying an additional 156,881 shares during the last quarter. Elephas Investment Management Ltd boosted its stake in California Resources by 15.1% during the first quarter. Elephas Investment Management Ltd now owns 1,544,668 shares of the oil and gas producer’s stock worth $26,491,000 after buying an additional 203,000 shares during the last quarter. Millennium Management LLC boosted its stake in California Resources by 1,855.2% during the first quarter. Millennium Management LLC now owns 727,722 shares of the oil and gas producer’s stock worth $12,480,000 after buying an additional 690,503 shares during the last quarter. Finally, FMR LLC acquired a new position in California Resources during the second quarter worth $27,988,000. 72.26% of the stock is currently owned by hedge funds and other institutional investors.

About California Resources (NYSE:CRC)

California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities.

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