StockNews.com Downgrades California Resources (NYSE:CRC) to Hold

California Resources (NYSE:CRC) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

CRC has been the subject of a number of other reports. Mizuho cut their price target on shares of California Resources from $64.00 to $60.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th. Royal Bank of Canada cut their price target on shares of California Resources from $68.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, April 11th. Bank of America cut their price target on shares of California Resources from $64.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, April 29th. Barclays upped their price objective on shares of California Resources from $47.00 to $50.00 and gave the company an “equal weight” rating in a research note on Friday, May 9th. Finally, UBS Group upped their price objective on shares of California Resources from $49.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $60.36.

California Resources Price Performance

Shares of NYSE CRC opened at $42.42 on Tuesday. California Resources has a twelve month low of $30.97 and a twelve month high of $60.41. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of 6.68, a PEG ratio of 1.02 and a beta of 1.06. The firm has a 50-day moving average of $39.03 and a two-hundred day moving average of $47.22.

California Resources (NYSE:CRC) last issued its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.24. California Resources had a net margin of 17.43% and a return on equity of 12.16%. The company had revenue of $912.00 million during the quarter, compared to the consensus estimate of $862.14 million. During the same period in the prior year, the company earned $0.75 EPS. California Resources’s revenue was up 100.9% on a year-over-year basis. As a group, analysts expect that California Resources will post 3.85 earnings per share for the current fiscal year.

Insider Transactions at California Resources

In related news, Director James N. Chapman purchased 2,000 shares of California Resources stock in a transaction dated Wednesday, March 5th. The stock was acquired at an average cost of $39.42 per share, with a total value of $78,840.00. Following the completion of the transaction, the director now directly owns 43,445 shares of the company’s stock, valued at $1,712,601.90. This trade represents a 4.83% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.03% of the stock is owned by insiders.

Hedge Funds Weigh In On California Resources

Hedge funds have recently added to or reduced their stakes in the company. R Squared Ltd acquired a new position in California Resources in the fourth quarter worth approximately $31,000. Larson Financial Group LLC increased its holdings in California Resources by 269.4% in the first quarter. Larson Financial Group LLC now owns 639 shares of the oil and gas producer’s stock worth $28,000 after buying an additional 466 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in California Resources by 68.8% in the first quarter. Harbor Capital Advisors Inc. now owns 775 shares of the oil and gas producer’s stock worth $34,000 after buying an additional 316 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in California Resources by 331.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,057 shares of the oil and gas producer’s stock worth $53,000 after buying an additional 812 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in California Resources by 71.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,088 shares of the oil and gas producer’s stock worth $56,000 after buying an additional 454 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

About California Resources

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.