California Resources (CRC) Raised to Buy at Zacks Investment Research

California Resources (NYSE:CRC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The firm currently has a $44.00 target price on the oil and gas producer’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.31% from the stock’s previous close.

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. “

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Other equities research analysts have also recently issued research reports about the company. Imperial Capital raised their price objective on California Resources from $30.00 to $35.00 and gave the stock an “outperform” rating in a report on Monday, May 7th. ValuEngine upgraded California Resources from a “strong sell” rating to a “sell” rating in a report on Friday, March 23rd. Bank of America set a $38.00 price objective on California Resources and gave the stock a “buy” rating in a report on Friday, May 4th. Finally, Societe Generale cut California Resources from a “buy” rating to a “hold” rating in a report on Thursday, April 26th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $31.25.

California Resources stock traded down $0.11 during mid-day trading on Friday, hitting $39.53. 1,461,200 shares of the company were exchanged, compared to its average volume of 2,001,564. California Resources has a 12-month low of $6.47 and a 12-month high of $48.85. The company has a debt-to-equity ratio of -7.56, a quick ratio of 1.11 and a current ratio of 1.18. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of -8.98 and a beta of 5.91.

California Resources (NYSE:CRC) last posted its quarterly earnings data on Thursday, May 3rd. The oil and gas producer reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.75) by $0.93. The business had revenue of $609.00 million for the quarter, compared to analyst estimates of $537.65 million. During the same quarter last year, the business earned ($1.02) EPS. California Resources’s revenue for the quarter was up 3.2% compared to the same quarter last year. analysts forecast that California Resources will post 0.2 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of CRC. Graham Capital Management L.P. acquired a new stake in shares of California Resources during the first quarter worth $5,092,000. Millennium Management LLC boosted its holdings in California Resources by 1,855.2% in the first quarter. Millennium Management LLC now owns 727,722 shares of the oil and gas producer’s stock valued at $12,480,000 after acquiring an additional 690,503 shares during the last quarter. USS Investment Management Ltd acquired a new position in California Resources in the first quarter valued at $10,011,000. Elephas Investment Management Ltd boosted its holdings in California Resources by 15.1% in the first quarter. Elephas Investment Management Ltd now owns 1,544,668 shares of the oil and gas producer’s stock valued at $26,491,000 after acquiring an additional 203,000 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new position in California Resources in the first quarter valued at $1,446,000. Institutional investors and hedge funds own 88.64% 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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