California Resources (CRC) Downgraded by Zacks Investment Research

California Resources (NYSE:CRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

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 a number of other research reports. Morgan Stanley lifted their price objective on California Resources from $11.00 to $12.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 18th. Societe Generale lowered California Resources from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. Imperial Capital initiated coverage on California Resources in a report on Tuesday, October 3rd. They issued an “in-line” rating and a $12.00 target price for the company. Bank of America raised California Resources from an “underperform” rating to a “neutral” rating and set a $24.00 target price for the company in a report on Thursday, January 4th. Finally, ValuEngine raised California Resources from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 26th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. California Resources presently has a consensus rating of “Hold” and a consensus target price of $17.75.

Shares of California Resources (NYSE CRC) traded up $0.51 during trading hours on Tuesday, reaching $20.86. The company’s stock had a trading volume of 1,350,000 shares, compared to its average volume of 1,560,000. The stock has a market capitalization of $894.23, a PE ratio of -4.17 and a beta of 6.63. California Resources has a 1-year low of $6.47 and a 1-year high of $23.42. The company has a quick ratio of 0.53, a current ratio of 0.61 and a debt-to-equity ratio of -8.78.

California Resources (NYSE:CRC) last announced its quarterly earnings data on Monday, November 6th. The oil and gas producer reported ($1.22) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.61) by $0.39. The company had revenue of $455.00 million for the quarter, compared to analysts’ expectations of $476.87 million. The firm’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.75) EPS. sell-side analysts predict that California Resources will post -4.65 EPS for the current fiscal year.

Institutional investors have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. bought a new stake in shares of California Resources in the 3rd quarter worth $117,000. Raymond James Financial Services Advisors Inc. increased its holdings in shares of California Resources by 5.8% in the 2nd 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. Cubist Systematic Strategies LLC bought a new stake in shares of California Resources in the 3rd quarter worth $164,000. Bayesian Capital Management LP bought a new stake in shares of California Resources in the 2nd quarter worth $141,000. Finally, BlueCrest Capital Management Ltd grew its holdings in shares of California Resources by 17.5% in the second quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock worth $144,000 after acquiring an additional 2,509 shares during the period. 75.22% of the stock is owned by institutional investors and hedge funds.

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About California Resources

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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