California Resources (NYSE:CRC) Stock Rating Lowered by Zacks Research

California Resources (NYSE:CRC - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued on Wednesday,Zacks.com reports.

A number of other brokerages also recently weighed in on CRC. Mizuho boosted their target price on shares of California Resources from $86.00 to $87.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. UBS Group reissued a "buy" rating and issued a $70.00 price objective (down from $78.00) on shares of California Resources in a research report on Monday. Citigroup lowered their price objective on shares of California Resources from $78.00 to $70.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Weiss Ratings cut shares of California Resources from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday. Finally, Barclays raised their target price on shares of California Resources from $72.00 to $80.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $71.90.

California Resources Stock Performance

Shares of NYSE CRC opened at $52.15 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.47 and a current ratio of 0.55. The stock has a 50 day moving average price of $56.95 and a 200 day moving average price of $57.93. The stock has a market capitalization of $4.63 billion, a PE ratio of -10.03 and a beta of 0.92. California Resources has a 52 week low of $43.24 and a 52 week high of $71.98.

California Resources (NYSE:CRC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.88 earnings per share for the quarter, hitting the consensus estimate of $0.88. California Resources had a positive return on equity of 10.12% and a negative net margin of 16.10%.The firm had revenue of $119.00 million for the quarter, compared to analyst estimates of $947.50 million. During the same quarter in the previous year, the firm earned $1.07 EPS. The business's quarterly revenue was down 87.0% on a year-over-year basis. Analysts predict that California Resources will post 4.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In other California Resources news, EVP Jay A. Bys sold 11,907 shares of the company's stock in a transaction on Monday, July 13th. The shares were sold at an average price of $54.00, for a total value of $642,978.00. Following the transaction, the executive vice president directly owned 159,424 shares in the company, valued at $8,608,896. The trade was a 6.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.53% of the stock is currently owned by company insiders.

Institutional Trading of California Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. lifted its position in California Resources by 363.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 561 shares of the oil and gas producer's stock worth $25,000 after acquiring an additional 440 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of California Resources during the fourth quarter worth approximately $26,000. Pinnacle Holdings LLC acquired a new position in shares of California Resources in the fourth quarter valued at approximately $27,000. Valued Wealth Advisors LLC acquired a new position in shares of California Resources in the first quarter valued at approximately $29,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of California Resources in the third quarter valued at approximately $36,000. Institutional investors own 97.79% of the company's stock.

About California Resources

California Resources Corporation NYSE: CRC is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC's operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.

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