California Resources Corporation’s (CRC) Equal Weight Rating Reiterated at Morgan Stanley

Morgan Stanley reissued their equal weight rating on shares of California Resources Corporation (NYSE:CRC) in a report released on Saturday morning.

A number of other research analysts have also recently weighed in on CRC. Zacks Investment Research raised California Resources Corporation from a sell rating to a hold rating in a research report on Tuesday, August 8th. BidaskClub cut California Resources Corporation from a sell rating to a strong sell rating in a research report on Saturday, July 8th. Finally, Bank of America Corporation cut California Resources Corporation from a neutral rating to an underperform rating and lowered their price objective for the company from $22.00 to $10.00 in a research report on Friday, June 30th.

Shares of California Resources Corporation (NYSE:CRC) opened at 8.86 on Friday. California Resources Corporation has a 12-month low of $6.47 and a 12-month high of $23.42. The stock has a market capitalization of $378.96 million, a P/E ratio of 0.80 and a beta of 6.24. The firm’s 50-day moving average is $7.45 and its 200 day moving average is $10.62.

California Resources Corporation (NYSE:CRC) last released its quarterly earnings results on Thursday, August 3rd. The oil and gas producer reported ($1.83) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.63) by ($0.20). The business had revenue of $516.00 million during the quarter, compared to analyst estimates of $450.17 million. The firm’s revenue for the quarter was up 62.8% on a year-over-year basis. During the same period in the prior year, the company posted ($1.80) EPS. On average, equities research analysts forecast that California Resources Corporation will post ($5.80) EPS for the current fiscal year.

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Several hedge funds have recently bought and sold shares of the company. State Street Corp lifted its position in shares of California Resources Corporation by 23.1% during the 2nd quarter. State Street Corp now owns 3,588,170 shares of the oil and gas producer’s stock valued at $30,673,000 after buying an additional 672,825 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of California Resources Corporation by 4.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,848,193 shares of the oil and gas producer’s stock valued at $15,803,000 after buying an additional 84,072 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of California Resources Corporation by 193.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,103,278 shares of the oil and gas producer’s stock valued at $9,434,000 after buying an additional 727,264 shares in the last quarter. Crescent Park Management L.P. lifted its position in shares of California Resources Corporation by 37.3% during the 2nd quarter. Crescent Park Management L.P. now owns 1,013,766 shares of the oil and gas producer’s stock valued at $8,668,000 after buying an additional 275,318 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of California Resources Corporation by 6.4% during the 1st quarter. Bank of America Corp DE now owns 815,237 shares of the oil and gas producer’s stock valued at $12,262,000 after buying an additional 48,767 shares in the last quarter. 74.80% of the stock is currently owned by hedge funds and other institutional investors.

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).

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