California Resources (NYSE:CRC) Rating Lowered to Neutral at Pickering Energy Partners

California Resources (NYSE:CRC) was downgraded by investment analysts at Pickering Energy Partners from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports.

A number of other research firms have also recently weighed in on CRC. Weiss Ratings restated a “hold (c)” rating on shares of California Resources in a research note on Wednesday, October 8th. Barclays upped their price objective on shares of California Resources from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. JPMorgan Chase & Co. increased their price objective on shares of California Resources from $64.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. UBS Group set a $64.00 target price on shares of California Resources and gave the stock a “buy” rating in a report on Friday, December 12th. Finally, Zacks Research lowered shares of California Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 1st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $65.27.

California Resources Stock Down 2.3%

Shares of CRC stock opened at $45.51 on Friday. California Resources has a 52-week low of $30.97 and a 52-week high of $58.41. The stock has a market cap of $3.81 billion, a price-to-earnings ratio of 10.58 and a beta of 1.15. The firm’s 50-day moving average is $46.34 and its 200-day moving average is $48.48. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 0.89.

California Resources (NYSE:CRC) last announced its quarterly earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.15. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The firm had revenue of $855.00 million for the quarter, compared to the consensus estimate of $888.58 million. During the same quarter in the previous year, the business earned $1.50 earnings per share. The business’s revenue was down 36.8% compared to the same quarter last year. Sell-side analysts predict that California Resources will post 3.85 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Sourcerock Group LLC raised its position in shares of California Resources by 63.8% in the second quarter. Sourcerock Group LLC now owns 2,000,649 shares of the oil and gas producer’s stock valued at $91,370,000 after buying an additional 779,280 shares in the last quarter. Invesco Ltd. increased its stake in California Resources by 155.8% during the 2nd quarter. Invesco Ltd. now owns 1,062,553 shares of the oil and gas producer’s stock worth $48,527,000 after acquiring an additional 647,190 shares during the period. Dimensional Fund Advisors LP raised its holdings in California Resources by 15.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,549,636 shares of the oil and gas producer’s stock valued at $188,776,000 after acquiring an additional 474,521 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in California Resources by 461.5% in the 2nd quarter. Balyasny Asset Management L.P. now owns 557,037 shares of the oil and gas producer’s stock valued at $25,440,000 after acquiring an additional 457,835 shares in the last quarter. Finally, Orion Porfolio Solutions LLC lifted its position in shares of California Resources by 5,657.2% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 411,239 shares of the oil and gas producer’s stock valued at $18,781,000 after acquiring an additional 404,096 shares during the period. Institutional investors and hedge funds own 97.79% of the company’s stock.

California Resources Company Profile

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.