California Resources Corporation (CRC) Downgraded by ValuEngine to Strong Sell

ValuEngine downgraded shares of California Resources Corporation (NYSE:CRC) from a sell rating to a strong sell rating in a report issued on Friday.

CRC has been the topic of several other reports. BidaskClub lowered shares of California Resources Corporation from a sell rating to a strong sell rating in a report on Saturday, July 8th. Bank of America Corporation lowered shares of California Resources Corporation from a neutral rating to an underperform rating and reduced their price objective for the company from $22.00 to $10.00 in a report on Friday, June 30th. Morgan Stanley restated an equal weight rating on shares of California Resources Corporation in a report on Saturday, September 16th. Imperial Capital started coverage on shares of California Resources Corporation in a report on Tuesday, October 3rd. They issued an in-line rating and a $12.00 price objective on the stock. Finally, Zacks Investment Research upgraded shares of California Resources Corporation from a sell rating to a hold rating in a report on Tuesday, August 8th. Three investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. California Resources Corporation currently has a consensus rating of Hold and an average target price of $14.33.

California Resources Corporation (CRC) opened at 10.48 on Friday. California Resources Corporation has a 1-year low of $6.47 and a 1-year high of $23.42. The company has a 50-day moving average of $8.82 and a 200 day moving average of $10.08. The stock has a market cap of $448.25 million, a P/E ratio of 0.94 and a beta of 6.34.

California Resources Corporation (NYSE:CRC) last issued its quarterly earnings data on Thursday, August 3rd. The oil and gas producer reported ($1.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.63) by ($0.20). The company had revenue of $516.00 million for the quarter, compared to analysts’ expectations of $450.17 million. The company’s revenue for the quarter was up 62.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.80) EPS. Analysts predict that California Resources Corporation will post ($5.85) EPS for the current year.

COPYRIGHT VIOLATION WARNING: “California Resources Corporation (CRC) Downgraded by ValuEngine to Strong Sell” was reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this news story on another website, it was illegally copied and republished in violation of US & international copyright legislation. The correct version of this news story can be viewed at https://ledgergazette.com/2017/10/10/california-resources-corporation-crc-downgraded-by-valuengine-to-strong-sell.html.

A number of large investors have recently modified their holdings of CRC. Raymond James Financial Services Advisors Inc. increased its stake in California Resources Corporation by 5.8% during the second 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 during the period. Koch Industries Inc. increased its stake in California Resources Corporation by 1,014.6% during the second quarter. Koch Industries Inc. now owns 148,225 shares of the oil and gas producer’s stock worth $133,000 after purchasing an additional 134,927 shares during the period. Bayesian Capital Management LP purchased a new stake in California Resources Corporation during the second quarter worth about $141,000. BlueCrest Capital Management Ltd increased its stake in California Resources Corporation by 17.5% during the second quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock worth $144,000 after purchasing an additional 2,509 shares duri

CRC has been the topic of several other reports. BidaskClub lowered shares of California Resources Corporation from a sell rating to a strong sell rating in a report on Saturday, July 8th. Bank of America Corporation lowered shares of California Resources Corporation from a neutral rating to an underperform rating and reduced their price objective for the company from $22.00 to $10.00 in a report on Friday, June 30th. Morgan Stanley restated an equal weight rating on shares of California Resources Corporation in a report on Saturday, September 16th. Imperial Capital started coverage on shares of California Resources Corporation in a report on Tuesday, October 3rd. They issued an in-line rating and a $12.00 price objective on the stock. Finally, Zacks Investment Research upgraded shares of California Resources Corporation from a sell rating to a hold rating in a report on Tuesday, August 8th. Three investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. California Resources Corporation currently has a consensus rating of Hold and an average target price of $14.33.

California Resources Corporation (CRC) opened at 10.48 on Friday. California Resources Corporation has a 1-year low of $6.47 and a 1-year high of $23.42. The company has a 50-day moving average of $8.82 and a 200 day moving average of $10.08. The stock has a market cap of $448.25 million, a P/E ratio of 0.94 and a beta of 6.34.

California Resources Corporation (NYSE:CRC) last issued its quarterly earnings data on Thursday, August 3rd. The oil and gas producer reported ($1.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.63) by ($0.20). The company had revenue of $516.00 million for the quarter, compared to analysts’ expectations of $450.17 million. The company’s revenue for the quarter was up 62.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.80) EPS. Analysts predict that California Resources Corporation will post ($5.85) EPS for the current year.

COPYRIGHT VIOLATION WARNING: “California Resources Corporation (CRC) Downgraded by ValuEngine to Strong Sell” was reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this news story on another website, it was illegally copied and republished in violation of US & international copyright legislation. The correct version of this news story can be viewed at https://ledgergazette.com/2017/10/10/california-resources-corporation-crc-downgraded-by-valuengine-to-strong-sell.html.

A number of large investors have recently modified their holdings of CRC. Raymond James Financial Services Advisors Inc. increased its stake in California Resources Corporation by 5.8% during the second 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 during the period. Koch Industries Inc. increased its stake in California Resources Corporation by 1,014.6% during the second quarter. Koch Industries Inc. now owns 148,225 shares of the oil and gas producer’s stock worth $133,000 after purchasing an additional 134,927 shares during the period. Bayesian Capital Management LP purchased a new stake in California Resources Corporation during the second quarter worth about $141,000. BlueCrest Capital Management Ltd increased its stake in California Resources Corporation by 17.5% during the second quarter. BlueCrest Capital Management Ltd now owns 16,808 shares of the oil and gas producer’s stock worth $144,000 after purchasing an additional 2,509 shares during the period. Finally, Voya Investment Management LLC increased its stake in California Resources Corporation by 41.6% during the second quarter. Voya Investment Management LLC now owns 19,162 shares of the oil and gas producer’s stock worth $164,000 after purchasing an additional 5,631 shares during the period. Institutional investors own 74.80% of the company’s stock.

About California Resources Corporation

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).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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