California Resources (NYSE:CRC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Friday, reports.

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. “

Other equities analysts have also recently issued research reports about the stock. Raymond James reissued a “neutral” rating and issued a $35.00 target price on shares of Stantec in a report on Monday, May 13th. ValuEngine cut Zosano Pharma from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. Mizuho set a $67.00 price target on shares of Walgreens Boots Alliance and gave the stock a “hold” rating in a research report on Thursday, March 28th. Finally, Goldman Sachs Group lowered shares of Encana to a “buy” rating in a research report on Friday, April 12th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $33.33.

NYSE CRC traded up $0.40 during trading hours on Friday, hitting $14.62. The company had a trading volume of 3,004,118 shares, compared to its average volume of 2,154,883. California Resources has a fifty-two week low of $13.48 and a fifty-two week high of $50.34. The stock has a market cap of $693.94 million, a P/E ratio of 11.51 and a beta of 4.40. The business’s 50 day moving average is $17.91.

California Resources (NYSE:CRC) last announced its earnings results on Thursday, May 2nd. The oil and gas producer reported $0.63 earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.94. The company had revenue of $690.00 million during the quarter, compared to the consensus estimate of $635.00 million. California Resources had a negative return on equity of 18.81% and a net margin of 8.36%. The company’s revenue was up 13.3% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share. Sell-side analysts predict that California Resources will post 3.1 EPS for the current fiscal year.

In related news, Director William E. Albrecht sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $20.00, for a total value of $200,000.00. Following the transaction, the director now directly owns 102,883 shares in the company, valued at $2,057,660. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Laurie Siegel acquired 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was acquired at an average price of $16.78 per share, for a total transaction of $50,340.00. Following the completion of the acquisition, the director now directly owns 15,196 shares of the company’s stock, valued at $254,988.88. The disclosure for this purchase can be found here. In the last three months, insiders sold 30,000 shares of company stock worth $600,000. 3.50% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC grew its position in California Resources by 8,217.4% during the second quarter. Nisa Investment Advisors LLC now owns 19,130 shares of the oil and gas producer’s stock valued at $376,000 after acquiring an additional 18,900 shares during the last quarter. Lombard Odier Asset Management USA Corp purchased a new position in California Resources during the first quarter valued at $1,286,000. Hellman Jordan Management Co. Inc. MA purchased a new position in shares of California Resources in the 1st quarter worth about $643,000. Teza Capital Management LLC purchased a new position in shares of California Resources in the 1st quarter worth about $202,000. Finally, Jennison Associates LLC purchased a new position in shares of California Resources in the 1st quarter worth about $521,000. 62.79% of the stock is owned by institutional investors.

California Resources Company Profile

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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