Evercore ISI Begins Coverage on California Resources (CRC)
Evercore ISI started coverage on shares of California Resources (NYSE:CRC) in a research note issued to investors on Friday, Marketbeat reports. The firm issued an outperform rating and a $55.00 price target on the oil and gas producer’s stock.
A number of other research firms have also issued reports on CRC. ValuEngine upgraded shares of California Resources from a buy rating to a strong-buy rating in a report on Wednesday, September 19th. Zacks Investment Research lowered shares of California Resources from a hold rating to a sell rating in a report on Tuesday, September 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $34.64.
California Resources stock opened at $46.58 on Friday. The company has a market cap of $1.91 billion, a price-to-earnings ratio of -10.59 and a beta of 5.58. California Resources has a 52-week low of $8.84 and a 52-week high of $48.85. The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of -7.87.
Several institutional investors and hedge funds have recently made changes to their positions in CRC. Rhumbline Advisers raised its holdings in shares of California Resources by 21.5% in the 1st quarter. Rhumbline Advisers now owns 57,383 shares of the oil and gas producer’s stock valued at $984,000 after purchasing an additional 10,156 shares in the last quarter. KBC Group NV purchased a new position in shares of California Resources in the 1st quarter valued at $746,000. Spark Investment Management LLC purchased a new position in shares of California Resources in the 1st quarter valued at $666,000. Dimensional Fund Advisors LP grew its position in shares of California Resources by 28.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 196,473 shares of the oil and gas producer’s stock valued at $3,370,000 after buying an additional 43,155 shares during the last quarter. Finally, Tibra Equities Europe Ltd purchased a new position in shares of California Resources in the 1st quarter valued at $755,000. Institutional investors and hedge funds own 72.26% of the company’s stock.
About California Resources
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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